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GBP/USD gained strong downside momentum and is trying to settle below 1.3350.
GBP/USD managed to get below the 20 EMA at 1.3380 and is trying to settle below 1.3350. In case this attempt is successful, GBP/USD will head towards the next support level near 1.3320.
A move below 1.3320 will push GBP/USD towards the support at 1.3300. If GBP/USD declines below 1.3300, it will get to the test of the next support level at the 20 EMA at 1.3280. A successful test of this level will open the way to the test of the next support at 1.3250.
On the upside, the nearest resistance level for GBP/USD is located at the 20 EMA at 1.3380. If GBP/USD manages to settle above the 20 EMA, it will head towards the next resistance at 1.3400.
A successful test of this level will push GBP/USD towards the resistance at 1.3440. In case GBP/USD settles above 1.3440, it will move towards the next resistance level at 1.3485.
In the H4 chart, after breaking 8/8 and leaving the “overbought area”, EURUSD is expected to continue falling towards 6/8; this movement may be considered as a correction within the uptrend. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue trading upwards to reach +1/8.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that the XAU/USD pair has finally taken out the key $1900 level, which was the confluence of the Pivot Point one-day R3 and Bollinger Band four-hour Upper.
The buyers now target the $1907 barrier, where the SMA100 one-day coincides with the Pivot Point one-month R1.
The next resistance awaits at the Pivot Point one-week R1 of $1912. Acceptance above the latter could open doorways to heaven.
On the flip side, a breach of the $1900 support could put the $1896 cushion at risk. That level is the previous week high.
Minor support is seen at $1892, which is the convergence of the Bollinger Band one-day Upper and 15-minutes Lower.
Bears will then eye a sustained move below $1888, the intersection of the Fibonacci 61.8% one-month and Pivot Point one-day R1, to accelerate the downward pressure.
Further south, the next relevant support is aligned at $1883, which is the Fibonacci 38.2% one-day.
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