After last week’s recovery was limited by the psychological 1.40 barrier, and following weakening gained foothold at 1.3868 (Fibo 61.8 percent of 1.3786/1.4001 upleg), Monday’s Doji candle implies directionless near-term action.
Positive pressure is maintained by a rising and thicker daily cloud above the price, which adds to negative signals from bearish momentum studies and moving averages in a negative setting.
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Following recent failures to rally off a one-week low, around 1.3880, during the opening Asian session on Tuesday, the GBP/USD bears have regained control. As a result, the cable fails to justify recent good Brexit updates, while mixed news on the coronavirus (COVID-19) disappoints investors during sluggish hours.
The newest covid data weigh on the GBP/USD price, despite Sajid Javid’s confidence in the July 19 deadline to open the UK. According to the most recent official numbers for Monday, the UK saw its highest daily infection rate since January 30, with 22,868 cases added to the total of 4,755,078 cases.
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