The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
GBP/USD: we are still selling
Information is not investment advice
GBP/USD is trading below the weekly pivot level at 1.2707. The pound is under pressure as the political future of the UK remains uncertain after Prime Minister announced that she would step down on June 7.
The pair formed a “dark cloud cover” pattern on the daily chart. It’s a sign that bears remain active and sell the pound on its attempts to correct higher. The sterling may retest the 78.6% Fibo level at 1.2625. The fall below the latter will open the way down for an even bigger decline to 1.25.
Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?
The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September.
While Donald Trump continues to lead the Republicans, the Democrats have not chosen its representative yet. With around 8 months till the US election, what are the chances for any of the candidates to affect the USD?
AUD is on a downswing against the USD. It reached the Spring-2009 lows. Will it continue the same direction?
NZD seems to be in an equal fight against the JPY. What stands behind that?