Today’s Hot Asset for you to Trade On: GBP/USD.
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GBP/USD
The pair was able to correct itself slightly and moved up above 1.5700 after dropping over 300 pips along the last three trading days. The strengthening dollar over the back of the disappointing data from Japan made the pair drop once more. Within the first hours of today’s European session, the pair dropped to 1.5630.
The U.S. Industrial Production data will be released later today and is expected to show an increase of 0.2%. All eyes will be on the published report, as any reading greater than the projected figure may add to the bearish sentiment.
The trend is slightly bearish. Support is found at 1.5590 and resistance at 1.5750.
Trend: Slightly Down
EUR/USD
The EUR/USD dropped down after bouncing off its resistance at 1.2575. The pair was first driven by the dollar, which showed weakening signs after a dovish speech made by Federal Reserve president James Bullard. In his speech Bullard stated that low interest rates should be maintained by the FED, at least long enough for the global market to recover. Monday morning saw the Japanese GDP data came out. The report released a very disappointing 0.4% quarterly decrease and not the expected 0.5% increase. A recession is not an uncommon word in the Japanese analyst circle these days and for that reason the Greenback is gaining once again. Today, pay attention to the European Central Bank president address, set to take place at 2.00PM (GMT). The movement is slightly bearish.
Support is found at 1.2240 and resistance is at 1.2575.
Trend: Slightly Down
Gold
Gold was able to finally break from its narrow sideways channel and rose over its technical resistance at $1,180/ounce. The price continued to climb, in reaction to the weaker dollar and reached a high of $1,194/ounce. The National Swiss bank is forecasted to raise its metal reserves from 8% to 20%, thus keeping trading above above $1,180/ounce during the first hours of trading on Monday.
Some analysts consider the option that if no price corrections will be made and the $1,180/ounce level holds, the price may go as high as $1,230/ounce. The movement is sideways.
Support is found at 1,178 and resistance at 1,200.
Trend: Sideways
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