Intraday analysis covering GBPUSD hits another low, XAUUSD, and USOIL, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
GBPUSD hits another low
Cable continues to lose its dominance in the market, with price action falling to another fresh low. The multi-month high at the mid-1.36 level has favoured the pound for the majority of this year.
- However, more bears could see the recent sell-off as an opportunity to join in on the action.
- A break below 1.3510 could convince more conservative traders to jump in to lock in profits.
- The downside would then see 1.3460 as a firm support level from the previous bounce.
XAUUSD loses momentum
Gold slides further as traders await the next signal regarding the ongoing war. A dramatic sell-off this week saw the price dive by over $100 as it looks to hold the 4500 level.
- A successive break above 4750 could see bulls re-enter the uptrend.
- 4600 is the first hurdle if the price continues to fall.
- 4515 is a critical support for the yellow metal.
USOIL buyers step in
WTI crept higher amid recent global tensions that have unsettled the market across the board. With oil nearing a multi-week high, traders are expecting a push towards 106.00 in the near term.
- Sellers struggled to hold the 100.00 level as the upward momentum continues.
- The price might be vulnerable to a broader sell-off if it breaks below 96.80.
- 106.00 is the target ahead, should Iran and the White House fail to negotiate a peace plan.
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