Browsing Category

Uncategorized

GBPUSD loses the neckline support

The smaller head and shoulders pattern that emerges from the range-bound trading in GBPUSD has been validated. This potentially signals a move back to the lower end of the range at 1.2277. Given that GBPUSD has breached the neckline…

Record Drop In Gasoline Demand

Crude Inventories Rise Again Crude prices have been under pressure again this week. The latest report from the Energy Information Administration revealed a further rise in US crude inventories. The EIA reported that in the week ending…

XAUUSD breaks down below support

Gold prices broke down below the support level of 1591. This comes as price broke to the downside following the ascending wedge pattern. At the time of writing, prices are retesting the 1591 level once again. If resistance forms here,…

WTI crude oil hovers below 22.00

Oil prices are trading slightly higher with prices rising modestly, by 1.50% intraday. However, prices remain strongly below the 22.00 handle meaning that there is still a downside risk. For the moment, price action is caught in the…

GBPUSD Poised to Target 1.2858

The British pound is on track to test the resistance level of 1.2858. This comes after prices briefly tested the support level of 1.2277. With support forming here, a breakout above the previous local highs of 1.2486 will confirm the…