A Dollar reversal off was halted by Friday's inflation release as the index straddles yearly open support. The technical levels that matter on the DXY chart into June.
USD/CAD has fallen for months as rising crude oil prices, risk appetite and a weak US Dollar worked to drive the pair lower. Declines have left the pair with little support to stand in the way of f.
British Pound (GBP) Price Outlook: Range-Trading Opportunities in GBP/USD
GBP price, news and analysis:
GBP/USD continues to trade sideways around the 1.4150 level, providing opportunities for range traders.
Attention this session will be on the UK Prime Minister’s former chief advisor, Dominic Cummings, as he answers questions from Members of Parliament.
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GBP/USD range trades
GBP/USD continues to trade around the 1.4150 level between resistance at the 1.4234 May 21 high and support at the 1.4099 May 19 low. For now those levels will likely hold, with the pair easing back if it hits 1.4234 and bouncing if it comes close to 1.41. Note, though, that the longer-term trend higher remains in place so if GBP/USD is to break out it will be more likely to the upside than the downside.
Gold Price Outlook: XAU/USD Struggles as Bitcoin Rises, Eyes on Fedspeak Ahead
2021-05-25 05:00:00
Daniel Dubrovsky,
Strategist
Gold, XAU/USD, Bitcoin, Fed, Treasuries, Technical Analysis - Talking Points:
Gold struggled rising despite USD and Treasury yield weakness
Bitcoin climb may have offset the yellow metal’s upside potential
XAU/USD breakout above resistance seems unconvincing for now
Anti-fiat gold prices spent most of Monday consolidating as the yellow metal’s upside momentum slowed. XAU/USD was also unable to capitalize on a weaker US Dollar and falling longer-term Treasury rates. The 10-year yield fell to its lowest in about 2 weeks. Dovish Fedspeak seemed to be the key fundamental driver behind the performance in the Greenback and bonds over the past 24 hours.
British Pound (GBP) Price Outlook: GBP/USD to Break Higher if 1.42 Breached
GBP price, news and analysis:
This month’s rally in GBP/USD will likely persist if and when it breaks resistance at and just above the 1.42 level.
Market pricing suggests the Bank of England will increase its key interest rate by June next year and that is helping to boost the British Pound.
Moreover, the latest UK public borrowing figures suggest borrowing is beginning to fall back after its previous surge higher.
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GBP/USD well placed to extend gains
GBP/USD looks set to continue this month’s advance, but only if it can hurdle psychological resistance at the 1.42 level on a sustained basis. As the chart below shows, it broke above 1.42 briefly on Tuesday last week and then again on Friday, with Friday’s high at 1.4234 the next resistance level above the round number to watch out for.