Technical Outlook for GBP/USD, EUR/USD, Gold Price & More (Video)
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GBP/USD is reeling at the moment and has support just above 13000 under assault, while EUR/USD is continuing to coil up for what looks like will be an eventual bearish break. Gold broke a long-term trend-line yesterday and on that is poised for further losses.
- GBP/USD testing support above 13000
- EUR/USD wedge building above 11500
- Gold price broke big support, heading lower
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GBP/USD testing support above 13000
It’s been a rough past couple of days for GBP/USD, cementing another lower-high and possibly lower-low in a sequence which continues to bode poorly for the pair. It is currently trading right around support extending over from October.
A daily close below 13027 will turn support into initial resistance on any attempt to recover, with the 12800-level targeted as next up as support. There is an underside slope to consider for as a spot to look for GBP/USD to bounce from, but not likely to offer enough support to allow for anything other than a minor relief bounce.
Even if cable can recover from here the overall trend structure suggests any strength will be short-loved as long as the sequence of lower-highs/lower-lows remain intact.
GBP/USD Daily Chart (Testing support)
Check out the Q3 British Pound Forecast for a broader fundamental and technical view
EUR/USD wedge building above 11500
While the euro remains generally neither ‘here nor there’, the wedge forming since bottoming in late May points to a continuation-style pattern to eventually take price below the important 11500-threshold. For now, it may continue to fill out the rest of the pattern, but the burden of proof lies on buyers.
(We also took a look at a set-up in EUR/CAD, for full details you can check out this morning's analyst pick.)
EUR/USD Daily Chart (Wedge building…)
Check out the Q3 Euro Forecast for a broader fundamental and technical view
Gold price broke big support, heading lower
This morning, we discussed gold (&silver) in detail, pointing out the importance of breaking the 2015 trend-line/December low. Yesterday’s slice through paves the way for a move towards support down in the vicinity of 1205/1195.
Gold Daily Chart (Targeting 1205/1195)
Check out the Q3 Gold Forecast for a broader fundamental and technical view
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.