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The FxPro Analyst Team

GBP/USD Bulls Test 10-day SMA Resistance

GBP/USD has rebounded around 1.15% since June 12th after the general election slump. On the 4-hourly chart, GBP/USD has been trading above the downside uptrend line support since June 13th. The Brexit negotiations, between the UK and the EU, is set to start today, June 19th. In the short term, the GBP prospects will likely subject to the progression and situation of the Brexit process. This morning in early European session, the bulls have been edging up and attempting to breach the short term ...

The FxPro Analyst Team

USD/CAD Rebounds from Major Support

USD/CAD has seen a substantial 3.65% slump since May 5th. The FOMC made a hawkish statement on Wednesday evening, June 15th, resulting in a sharp USD rebound. Thus, the USD/CAD downtrend was held above the short term major support level at 1.3200, after hitting a 3-and-a-half-month low of 1.3164, There is stronger support at the level at 1.3200, we will likely see an ongoing rebound as a correction post a slump. On the 4-hourly chart, the price has been moving from the lower band to the middle ...

The FxPro Analyst Team

USD/JPY Bears Test Significant Support at 109.00 Ahead of FOMC

USD/JPY saw a 0.6% rebound from June 7th to 13th as safe havens retreated after the release of the UK general election outcome, easing markets’ risk-off sentiment. The bulls have recovered the significant psychological level at 110.00 since Tuesday. This morning, in the European session, USD/JPY continued edging up reaching a 2-day high of 110.33 before retracing back to trade as low as 109.22. Currently JPY/USD is trading at 109.35. US retail sales, and inflation figures for May, were released ...

The FxPro Analyst Team

Gold Tests Major Support Ahead of US Data and FOMC

Spot gold hit a high of $1295.96 on June 6th, last seen on November 9th. However, it has seen a substantial 2.2% retracement since June 7th, due to profit-taking and the release of the UK general election outcome which has eased markets’ risk-off sentiment. The price has been consolidating since Friday evening, holding above the near term major support line at $1260. On the 4-hourly chart the price is still trading below the 10-SMA indicating the upside pressure remains heavy. The crucial US ...

The FxPro Analyst Team

GBP/JPY Bears Break Downtrend Line Support

GBP/JPY has seen a substantial 5.7% retracement since May 10th. The price has been trading above the downside short term major downtrend line support since May 18th. It has seen a 2% fall since the general election date, caused by the disappointing Hung Parliament outcome. This morning in early European session, the psychological support line at 140.00 was broken, the bears further broke the downtrend line support and the support line at 139.50 with increased bearish momentum. The bears are ...

The FxPro Analyst Team

GBP/USD Consolidates Post Hung Parliament Slump

The outcome of the UK general election has resulted in a Hung Parliament. Updated seats breakdown of UK general election so far is: Conservatives 318, Labour 261, SNP 35, Liberal Democrats 12 other parties 23. Following this result the Conservative Party has lost their majority in the House of Commons and will now be looking for a partner to form a coalition – likely to be the DUP. Following the Exit Polls, that were released at 22:00 BST last night, GBP/USD saw its biggest intra-day fall of ...

The FxPro Analyst Team

Market Concerns over Uncertain Outcome Drives GBP/USD Lower

GBP/USD has rallied around 3.14% since Theresa May announced a snap general election, as markets largely priced in a Tory victory. GBP/USD has been trading above the downside uptrend line support since May 31st. Today is the market-focused UK general election. The Tories are expected to remain in power, however, now it is hard to predict to what extent. Recent YouGov forecasts indicate the Tories are likely to win less than the current number of seats they hold. This morning, in early European ...

The FxPro Analyst Team

Downward Revised Inflation Ahead of ECB Weighs on EUR/USD

The European Central Bank’s (ECB) rate decision and press conference is scheduled at 12:45 and 13:30 BST respectively on Thursday, June 8th. Earlier today, Bloomberg unexpectedly reported that the ECB will cut its inflation forecast at tomorrow’s meeting due to falling energy prices. The annual inflation forecasts announced in March foresaw rates of 1.7%, 1.6% and 1.7% in 2017, 2018 and 2019 respectively. The new inflation outlook reported today was revised lower, around 1.5% annually. The ...

The FxPro Analyst Team

Gold Bulls Approach Major Resistance at 1300 Ahead of Election

Safe havens have strengthened across the board as the recent risk events have lifted markets’ risk off sentiment. Notably the London terror attack, gulf states cut diplomatic ties with Qatar, and the upcoming UK general election. Spot gold has seen a significant 6% gain since May 11th. On Tuesday, June 6th, spot gold rallied 1.1%, hitting a high of $1293.54, last seen on April 17. The bulls still have momentum; on the 4-hourly chart the price is still holding above the downside upward-heading ...