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GBP/USD tries to recover

GBP/USD tries to recover

Information is not investment advice

There’s a bullish divergence on the daily chart of GBP/USD. The pair is currently testing levels above 1.2560 (May low). If the US Federal Reserve is dovish, the pound will be able to get to 1.2650 area (100- and 50-period MAs on H4). However, given the political risks, it will be hard for the British currency to get higher. As a result, it will be sensible to look for sell opportunities there.

Aggressive traders may buy on the break above 1.26 targeting 1.2650.

Notice that given the meetings of the British and American central banks the risks are higher than usual.

GBPUSD 11.png

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Gold: short-term trade ideas

Everyone is interested in trading gold (XAU/USD). The meeting of the Federal Reserve at 21:00 MT time (GMT+3) will certainly drive the price.

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Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.

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