Is The GBPUSD Pair Undergoing A Reversal?

• 23 Aug 2021

USD/JPY

The USDJPY pair has rebounded from the 109.02 support area which has formed as a key support level for the pair. Doji candles in recent trading suggests waning bullish sentiment and price action may once again be contained by the descending trendline. Momentum indicators have flattened in neutral territory.  

 

 

 

 

GBP/USD

The GBPUSD pair has stalled at the 1.361 price low where on previous occasions, a bullish rebound took place. Buyers have returned in early trading indicating price action will once again be contained within the current range. Momentum indicators are bearish, with RSI testing the oversold line.

 

 

 

 

EURUSD

The Eurodollar is testing the 1.170 support level as buyers have returned after the break. Longer-term sentiment has a bearish bias and up until now, price action has been contained by the descending trendline. Momentum indicators remain in bearish territory, with RSI bouncing along the oversold line.

 

 

 

 

USDCAD

USDCAD has spiked through yet rejected the 1.290 price ceiling, as strong selling pressure saw the pair once again contained within the current trading range. Selling activity has continued in early trading today and another test of the 1.274 price level may be on the cards. Momentum indicators are undergoing reversals.

 

 

 

 

XAUUSD

XAUUSD appears to be influenced by bearish sentiment as a series of small-bodied candles suggest the recent rally has begun to fade. Price action may now oscillate between the 1761 and 1795 price levels, until approaching the descending trendline. Momentum indicators are neutral/bearish.

 

 

 

 

USOUSD

The USOUSD has broken a key support line at the 66.27 price level and now price action has moved sharply towards the $60 per barrel range. Buyers have returned in early trading, which will see the pair now languish within the 57.42-66.27 range. Momentum indicators are bearish.

 

 

 

 

JP225

The JP225 is rebounding after a spike through the 27,087 support level, as buyers have begun to return to take price action back towards the 27,654 resistance zone. Longer-term sentiment remains bearish and price action has been contained by the trendline. Momentum indicators are bearish.