Traders were hesitating but the demand finally won. For a while, the bullish sentiment was under heavy pressure. That happened during the ECB conference but eventually, buyers won that battle. The reversal is a part of a bigger double bottom formation on the crucial long-term horizontal support (green). The buy signal is ON here!
Now Cable, which was pretty busy during all those votes in the UK Parliament. The sentiment yesterday was quite positive but the American session brought us a stronger reversal. GBPUSD managed to break the short-term support and later, the dynamic up trendline (black). Price Action is strong here, broken up trendline is today being tested as a resistance. With the price staying below, the sentiment is negative.
The last instrument in this short report is Gold. What a great performance from the buyers! We were expecting that for the past few weeks. After the breakout of the crucial resistance on the 1307 USD/oz, the buyers are fully controlling the situation. 1307 USD/oz should be now the closest support. The aim is on the 1357 USD/oz. Chances that we will get there are pretty high!
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
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