Search the Community

Investors bought the British pound again, and the GBP/USD moved towards the 1.3607 resistance level yesterday before settling around 1.3550 as of this writing. Sterling's move in the Forex market came as rapid re-quotes of future interest rate hikes in the Bank of England are nearing completion and current exchange rates are more in line with expectations of a rate hike in February.

EUR/USD resistance is looming. I just noticed this technical analysis from Société Générale overnight Major Currency Signals (Date: 01-08-2017) EURUSD: 16 Pips USDJPY: 41 pips GBPUSD: 00 pips USDCHF: 00 Pips TOTAL PROFIT HIT: 57 Pips In an accelerated up trend, EUR/USD is now probing the 100 week MA and more importantly it is closing in on our advocated target of 1.1875 which corresponds to the lows of 2012 and a projection for the ongoing move. (Note - not just closing in, its now hit there) SG go on: It is tentatively piercing above a steep daily upward channel however the move now appears to be a bit overstretched as both weekly and daily indicators are at their respective resistance levels. In case of persistent bullish momentum, next objective will be near 2012 lows of 1.2043. 1.1760 is an immediate support while previous highs of 1.1714/1.1675 should cushion short term downside. Down sloping channel drawn since 2015 at 1.1490/60, also the 23.6% retracement from January will be a medium term support http://www.hotforexsignal.com/