GBPUSD is pulling up from its recent slide and looks ready to test the nearby resistance levels. Applying the Fib tool on the latest swing high and low on the 1-hour chart shows that the 38.2% retracement level lines up with a broken support zone around the 1.3100 major psychological mark, which might now hold as resistance.
The GBPUSD pair went back and forth during the course of the day on Monday, showing signs of confusion.
Cable continued to consolidate last week in the after shock of Brexit, with the pair trading in a narrow range on the daily chart, and this continued at the start of this week’s trading keeping to a 70 pip range, and closing 9 pips lower off the open.
As US equity markets continue to defy gravity and move inexorably higher, so the VIX slides ever lower as market complacency takes hold with risk on appetite continuing to remain firmly on the menu.
Last week’s bearish engulfing candle for gold on the weekly chart appears to have had some follow through at the start of the new trading week, as the precious metal fell victim to a renewal of risk appetite as most global equity markets made fresh monthly highs, and the S&P and DOW soaring into new high ground.
GBPUSD’s downward movement from 1.5016 extended to as low as 1.2795.
Published on Jun 30, 2016 Small business owner Butch Yamali on why Britain leaving the European Union could hurt small businesses in the U.S. and the impact of government regulations.
The GBPUSD pair rose slightly during the course of the session on Tuesday, but did get back some of the gains.
The EURUSD pair rallied initially during the day on Tuesday, filling the gap from Monday.
UKIP leader and MEP, Nigel Farage, addressed the European Parliament, but his colleagues were not happy to see him.
