Bullish Breakout Imminent For GBP/USD Pair?

• 10 Jan 2020

USD/JPY

The USD/JPY pair has seen the return of US Dollar buyers which has taken the pair back through a series of resistance levels to test the 109.61 resistance line. This represents a recent price ceiling for the pair where price action has previously retraced. Momentum indicators are somewhat bullish. 

 

    

 

 

EUR/USD

The Eurodollar has pulled back further to break the 1.112 support level. Yet the break has resulted in a stall of the downtrend. On previous occasions, pullbacks have rebounded at the ascending trendline. Indecision appears to plaguing traders of the pair. Momentum indicators have stalled in bullish territory. 

 

 

GBP/USD

The GBP/USD pair has reached the ascending trendline which has acted as a support level for the pair on previous occasions. A bullish rebound would be expected at the 1.309 support level. Volatility is expected as Brexit plans are finalized. Momentum indicators are neutral if slightly bullish. 

 

 

 

USD/CHF

The USD/CHF reversal has stalled after clearing the 0.971 resistance level. The next clear target is the 0.978 resistance line. Currently buyers appear to lack the conviction to drive price action to this resistance area. Momentum indicators have upward trajectories.  

 

 

 

USD/CAD

The USD/CAD pair has begun to climb, moving through a series of resistance levels despite selling pressure. The next target for buyers is the 1.314 resistance level, which would result in the pair returning to a previous trading range. Momentum indicators have bullish trajectories. 

 

 

 

SILVER

Silver bulls have been tempered with a rise in selling pressure which has taken price action through the 18.09 support level and back towards the 17.73 support line. Geopolitical activities are likely to govern near-term price action. Momentum indicators have bearish trajectories and are pulling back from overbought conditions.   

 

 

 

GOLD

Gold sellers have returned to the metal and as such price action is now testing the 1552 support level. Despite price action spiking through the support level a full break has not taken place. The next obvious target is the 1531.98 support level. Momentum indicators are returning from strongly overbought conditions. 

 

 

 

OIL

WTI price action has recovered almost all of the gains from the recent unrest in the Middle East. Price action is once again testing the 59.18 resistance level. In recent trading, this resistance area proved a sticking point for the commodity which has an overall uptrend. Momentum indicators are pulling back from strongly bullish positions.