GBP/USD – sterling/dollar loses ground in dramatic fashion
The GBP/USD underwent a huge 800 pip selloff on Friday. This is in line with all of our recent discussions on this pair of looking to sell it, in line with the overall downtrend this pair has been in for months now. Price did recoup a lot of losses into Friday’s close, but we remain bearish on this pair and can watch strength for selling opportunities this week. Traders can look for price action sell signals to get short up between 1.2850 – 1.3375 value / resistance area.
S&P500 – S&P500 winding up tighter and tighter
The S&P500 has been consolidating and moving sideways in a very small range over the last two weeks. Given the very tight consolidation range we have seen, a breakout could be imminent this week. We remain more bullish biased due to the long-term uptrend, so we can watch for a buy signal near 2105.00 or slightly above, or we can watch for an upside breakout of this recent consolidation range.
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Gold – gold sells off, watching for sell signals after a retrace higher
Gold flipped from bullish to bearish last week as it cascaded down through the key support area at 1310.00 – 1300.00, a key level we have been talking about for months now. The line in the sand is now 1310.00; below that level we see risk to the downside and savvy traders can watch for pockets of strength to get short as the market could rotate lower in the coming days, whilst below 1310.00.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com