Intraday analysis covering GBPUSD , XAUUSD (The Gold) , and USOIL , highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
GBPUSD hits resistance
Cable had a July to remember, with price action jumping over 200 pips since the beginning of the month.
- The market mood has remained positive despite a slight retracement after hitting the 1.3400 zone.
- 1.3340 is needed if a full reversal is to happen, before a move towards the lower region of 1.3300.
- On the upside, a break above 1.3400 will lead to a continuation towards 1.3460.
XAUUSD looking for direction
XAUUSD (The Gold)is looking to continue its trajectory even after hitting some resistance.
- As the price now struggles to secure a move past 4150, the recent double bottom around 4120 is a critical floor to stabilise sentiment.
- A breach at the said level could trigger a round of liquidation, with the psychological level of 4000 as a potential target.
- If prices can remain above 4120, then 4190 will be on the radar for buyers as sentiment shifts once again.
USOIL going nowhere
Oil is stuck and going nowhere since the previous sell-off.
- Only a twist in the Middle Eastern tensions would cause a spike in prices, but for now, no news means no movement.
- Prices remain in consolidation between 68.00 and 70.00 with the RSI slowly creeping into the neutral zone.
- A break at one of those levels would see the next phase for the black gold as global tensions simmer.
- 72.50 is a potential target, with 64.00 being a critical support.
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