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Newsquawk reported this a little while ago and it has since been doing the rounds,,, not ckear whether this is a factor but XAUUSD has retreated further from yesterday’s 2882 high
Source: Newsquawk.com
EURGBP 4 HOUR CHART – MIND THE GAP
Continuing the pre-BOE rebound that started yesterday.
Entered the opening week gap, top still at .8355
.8345-55 looks like a sticky zone that includes the PIVOTAL 8350 level, which is so fat the high of the day..
Watch the cross for clues after the BOE decision.
GBPUSD 4 HOUR CHART – Waiting for the BOE
My only question is why was GBPUSD bid at this time yesterday with a rate cut looming today.
What caught my eye at this time was the Power of 50 level after a high at 1.25496, so there is a method to my madness.
Note, a clue of a vulnerable GBPUSD, as I pointed out yesterday was GBP weakness vs the EUR and JPY, evident again today.
Back to charts
Move below 1.2463 breaks the upward momentum… back above this level would put 1.25 in play again.
Below 1.2378 would shift the risk back to this week’s low.
Re the BOE, a rate cut is widely expected and will not be a surprise.
Using my planform as a HEATMAP
Dollar is trading firmerm except vs JPY… but well within this week’s wide ranges
USDJPY back above 152 after brief dip below this pivotal level
GBPUSD softer ahead of expected BOE rate cut (note GBPJPY, EURGBP)
Bond yields are higher after plunging yesterday
Stocks are trading slightly firmer
Gold has backed off from yesterday’s record 2882 high… indicator of tariff sentiment?
It feels like markets have begun trading in anticipation of Trump’s tariffs since August. Signals are mixed (i.e. gold up, bond yields down, dollar well of its highs, stocks uncertain) as to whether Trump’s tariffs will turn out to be a Nothing Burger.
Will Trump’s Tariffs Turn into a Nothing Burger?
https://global-view.com/will-trumps-tariffs-turn-into-a-nothing-burger/XRPUSD
This is my view on probable development in coming weeks.
Support at 1.90
Resistance at 3.00
In the case support holds any attacks, we are going to continue moving Up within the lower channel.
It should take 2-3 weeks of consolidation and approach to previous all time high (3.40)
If it happens like that, next target would be in 5.50 area
DAX – GER30
Hero holding Up.
Now joke aside, this is what can happen in coming days:
–         Another test of previous high and failure – simple and everyone would see it ( at least I hope you would)
–         More dangerous variant – New high ( somewhere around 21.900-22.000) and sudden sell off – this kind of development is responsible for at least 50% of clean ups of accounts – pay attention : probability that reaching new high will fuel more of Uptrend is less than 5%
–Â Â Â Â Â Â Â Â Â 95% – this is going to be the top for quite some time
Now you got an idea – control your impulses and don’t daydream.
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