Forex Trading Library

Intraday Analysis – GBP Remains Bullish

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GBPUSD bounces back

The pound has seen firm gains against the dollar as it approaches multi-month highs. With price action continuing in a bullish channel, the 1.27 handle becomes the next validation to the upside. If there is no correction on this trend, the August high of 1.2760 leads back to 1.28. Failing that, any signs of weakness would put 1.2610 with a bearish divergence still in play on the RSI.

USDJPY begins correcting

The corrective bounce on the Japanese yen continues as the 145 level is breached for the first time in two months. The pair is now aiming for four straight days of gains since the start of the year after jumping over 400 pips. With the RSI looking oversold, prices are expected to slow down from the recent trend. A close above 145.80 could lead the greenback towards 148, with 144.45 supporting the downside.

XAGUSD finds support

Since its solid collapse last month, silver is looking to remain stable above the $23 level. The channel support that has stopped the metal from moving to October lows at $20 remains in place for now. However, a break here could open the way for $22.55 and $21.90. If bulls step in, the psychological $23.50 level could be recaptured, with another upturn towards $24.20 in play.

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