|Day's range||0.747 - 0.752|
|52-week range||0.6956 - 0.7942|
The British pound fell during the week, slicing through and uptrend line against the greenback, showing signs of extreme negativity now. I think that the market will ultimately find sellers again, and that we could turn things around to see a complete change in trend.
The British pound broke down below the major uptrend line on the weekly chart over the past week, showing signs of weakness. Because of this, I think that the market is in a lot of trouble, and we should continue to see sellers jump into this market.
The Euro has tried to rally during the week against the British pound but has turned around and fell rather significantly. By doing so, the weekly candle looks as if it is going to form a shooting star, and that of course is a very negative sign.
The British pound fell against the US dollar on the Friday session as we continue to see US dollar strength. I think that the US dollar strength is something that we should continue see over the summer as interest rates rise, and of course the US economy seems to be outperforming most other ones.
The British pound fell again against the Japanese yen during the Freddie session, but continues to find support near the ¥145.50 level. I think that the market is currently struggling with the idea of breaking below the major uptrend line, but right now it must be said that it looks likely that we will continue to go a bit lower from here.
The Euro initially try to rally against the British pound during the day on Friday but turned around to fall rather significantly. It looks as if we will continue to see downward pressure overall, and therefore I think we will more than likely go looking towards the recent lows again.
Investing.com – The U.S. dollar rose to a sixth-month high as mostly positive U.S. durable goods data suggested the U.S. economy was strong enough to sustain further Fed rate hikes.
On Friday North Korean leader Kim Jong Un said he was still open to talks after the White House said in a statement that it would be "inappropriate" to have a planned summit at this time. Trump and Kim Jong Un were set to meet in Singapore on June 12 to discuss possible denuclearization. Durable goods in the U.S. fell 1.7% in April, compared to expectations of a 1.4% decrease while a separate report showed that the University of Michigan Consumer Sentiment index was revised down to 98.0 from 98.8.
The greenback was flat on Friday while the pound inched down as investors looked ahead to testimony from Fed Chair Jerome Powell and Bank of England Governor Mark Carney. Both Federal Reserve Chairman Jerome Powell and BOE Governor Mark Carney are expected to participate in a panel discussion of "Financial Stability and Central Bank Transparency" at the "Sveriges Riskbank Conference: 350 Years of Central Banking - The Past, The Present and The Future" in Stockholm, Sweden at 9:15 AM ET (13:15 GMT). The dollar was also held back by Fed meeting notes on Wednesday that suggested that while another interest rate hike is warranted, the central bank would accept inflation rising above its target rate for a while.
The Euro has rallied a bit during the Thursday’s session against dollar using 1.17 level as support. The pair moved slightly higher during the yesterday’s session reaching towards the 1.34 level. The pair traded on a quiet note and hanged around the 0.7550 level during the yesterday’s session.
The British pound rallied a bit during the day on Thursday, and a rare sight of strength as we have broken down against the US dollar in almost every currency pair that I follow. The market is approaching a major resistance barrier though, so I think we will get a selling opportunity sooner rather than later.
The British pound rallied slightly during the trading session on Thursday, reaching towards resistance against the Japanese yen. The ¥147.25 level turned the market around slightly though, and this is also the scene of a previous uptrend line, so that of course will work against any rally’s as well.
The EUR/GBP pair has been somewhat noisy during the trading session on Thursday, but with a decidedly negative bias. That being said, there is a lot of noise in this market, so I won’t necessarily be the easiest trade to take.
Traders also booked profits on the notion that the recent rally had run its course especially after the release of dovish Fed minutes on Thursday that signaled the central bank would not be as aggressive when raising interest rates in 2018.
Investing.com – The dollar was hit by a fresh wave of selling Thursday, losing ground against its rivals following negative U.S. data showing a slowdown in the U.S. housing and labor market.
The greenback remained lower on Thursday after an unexpected dovish-tone in the latest Federal Reserve meeting minutes and news that the White House had called off a planned summit with North Korea. The White House said in a statement that it would be "inappropriate" to have a planned summit at this time. Trump and North Korea leader Kim Jong Un were set to meet in Singapore on June 12 to discuss possible denuclearization.
Investing.com - Minutes from the European Central Bank's April 26 policy meeting released Thursday revealed that policymakers were confident that inflation would return to the 2% target in the medium term, while they recognized that markets expected that the asset purchase program would be concluded by the end of this year.
With the month-long symmetrical triangle restricting the EURGBP moves between 0.8720 & 0.8800, chances of the pair’s recent pullback to test 0.8720 support and take a U-turn from there are higher. GBPJPY’s break of nine-month old ascending trend-line signals the pair’s further downside to the 144.95-145.15 rest-zone but its additional south-run can be confined by oversold RSI, which if ignored can drag the pair to 143.00 support.
Today, we do have three pairs with the Japanese Yen. The first one is the GBPJPY, which is giving us a super strong long-term sell signal. The pair already broke all major supports and now is testing the closest one as a resistance. The first contact was bearish but it seems like we will have another test soon. Double top on such an important level can be a marvelous trading opportunity.
Investing.com - Sterling was higher on Thursday after UK retail sales came in higher than expected, boosting confidence in the economy.UK retail sales rose 1.6% in April, compared to expectations for a 0.1% gain, the Office for National Statistics reported. The unexpected increase indicates consumer confidence in the UK economy, despite political uncertainty surrounding Brexit.GBP/USD surged 0.46% to a one-day high of 1.3410 as of 4:43 AM ET (8:43 GMT).The euro was also higher, but was held back by economic and political worries in Europe. ...
The market continued to remain weak and negative during the Wednesday’s session breaking below the 1.17 level. By going below this level, the market is more likely to fall towards its next major support level at 1.15 level underneath. Short-term rallies in the market will be an excellent opportunity to sell this market as it offers value in the USD. …Read MoreGBP/USD
The British pound broke down significantly during the day on Wednesday, slicing below the 1.34 level, and driving much lower as well. I believe that the market does continue to go much lower than that, and I think at this point it’s very likely that rallies will invite more selling, as the pair simply cannot find its footing and we have broken down below a major trend line recently.