Technical Outlook:GBP/USD buying and selling above June excessive in the direction of long-term trend-lin
Technical Outlook:
- GBP/USD buying and selling above June excessive in the direction of long-term trend-lines
- Silver worth motion smacks of exhaustion because it touches long-term resistance
The GBP/USD chart continues to form up properly for longs as Cable presses on to its highest ranges since March. It surpassed the necessary June excessive yesterday at 12813, which places it in place to maintain on rallying in the direction of a pair of long-term trend-lines and peaks from earlier within the yr previous to the coronavirus collapse. The trend-lines run decrease from 2014 and 2018 in roughly the identical neighborhood, 13080 as much as 13180, the place these swing highs are. If GBP/USD is to bear some weak point and/or consolidation interval right here then it’s preferrred it stays above the June excessive of 12813.
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GBP/USD Day by day Chart (above June excessive)
GBP/USD Chart by TradingView
Silver is displaying indicators of exhaustion after its spectacular run. The extraordinary volatility to the tune of a double-digit intra-day vary following such a big transfer signifies that we’ve got possible hit a key inflection level. At greatest it seems it can result in a consolidation sample and sure a decline of some type for the foreseeable future. The excessive got here at a trio of lows created throughout 2011 and 2012 when gold and silver have been present process the topping course of. This additional validates the concept that we’ll see silver weaken quickly. There is likely to be an try and run again in the direction of the 26.20 excessive, however it can possible act as solely a retest and end result right into a leg decrease. Keep tuned as silver volatility is ready to remain elevated for the foreseeable future.
Silver Day by day Chart (displaying indicators of exhaustion at 2011/12 ranges)
Silver Value Chart by TradingView
For all of the charts we checked out, take a look at the video above…
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—Written by Paul Robinson, Market Analyst
You possibly can comply with Paul on Twitter at @PaulRobinsonFX