|Day's Range||1.332 - 1.344|
|52 Week Range||1.2591 - 1.4377|
The ICE U.S. Dollar Index (IFUS:DX-Y.NYB) , which tracks the greenback against six rivals, rose to 93.867, up from 93.563 late Tuesday in New York. On Tuesday, President Donald Trump told reporters he wasn’t really happy with the progress of U.S.-China trade talks, and hinted that his summit with North Korean leader Kim Jong Un may not go ahead as planned. In Turkey, the currency is hitting historic lows in the wake of troubling statements from President Recep Tayyip Erdogan.
The British pound rallied significantly during the day on Tuesday, testing the bottom of the previous uptrend line, which should be resistance. So far, that resistance has held up, and it’s likely that the selling pressure could continue. However, we have a handful of levels we should be watching.
Investing.com – The dollar moved off session lows as the euro reversed its earlier gains amid ongoing political uncertainty in Italy, while the pound resumed its downward trend adding to dollar strength.
The dollar struggled to stay near a five-month high on Tuesday as investors look ahead to the Fed minutes. The Federal Reserve releases the latest minutes from its monetary policy meeting on Wednesday. Investors will be looking closely for any sign of tightening monetary policy.
Investing.com - The dollar pulled back from a five-month high against major rivals on Tuesday, as traders opted to take profits after the recent rally, while Forex traders focused on testimony to the UK Treasury Select Committee.
The market started off the week with a positive momentum bouncing higher from the 1.17 level which offered enough psychological support. The 1.18 level on the top is an important psychological resistance and market can witness some selling pressure from there.
The British pound fell a bit during the open on Monday, reaching down towards the 1.34 level before finding buyers. By showing the sign of support, it looks as if there is still some fight left in the buyers. However, there are major problems above.
The U.S. dollar retraced its gains late Monday after having surged to its loftiest level since late last year, as investors read the most recent development between U.S. and China as evidence of easing trade animosities.
Investing.com – The dollar eased from fresh five month highs as gains on the back of abating trade war fears were offset by a recovery in the euro from multi-month lows.
The dollar was stead as trade tensions between the U.S. and China were put on hold. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.12% to 93.69 as of 11:30 AM ET (15:30 GMT). The trade war between the U.S. and China is “on hold” as the two work on a trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
The GBP/USD went exactly as expected both on my LIVE trading webinars and FXstreet poll. It was a bit messy due to Megaphone pattern so we could have traded it both to the long and short side, but things have become more evident due to Head and Shoulders. 1.3425-35 and 1.3455-75 are POC zones, and we might expect rejections if the price retraces. A 1h or 4h close below 1.3400 could aim for 1.3353 and 1.3311 during the course of the week.
Weakness continued through the Friday’s session as the pair sliced through the 1.1775 level indicating further downward pressure in the market in coming sessions. The pair recently bounced higher but the traders are more interested in picking value in the greenback. On the weekly chart, it has broken below the bottom of a hammer from the previous week, which is an extremely negative sign and 1.15 level underneath is the hard support of this market. …Read MoreGBP/USD
The FTSE 100 rallied again during the week, forming the eighth green candle in a row. This is a very bullish market, and at this point although we have gotten a bit overextended, I’m not willing to sell any pullback as I think there is more than enough buying pressure underneath the push this market to the upside.
The British pound broke down significantly during the week, testing the hammer from the previous week, a very negative sign when it comes to this pair. At this point, I think that it’s likely we will break down, and continue to go much lower.
The British pound fell during the trading session on Friday, testing a vital uptrend line that should continue to affect how this market trades. I believe that we are looking at a potential serious break down though.
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending May 15 on Friday.
The ICE U.S. Dollar Index (IFUS:DX-Y.NYB), which measures the dollar against six rivals, most notably the euro, was up 0.2% at 93.670. The WSJ Dollar Index (CALCULATED:BUXX), a broader measure of the greenback that also includes emerging-markets currencies, was up 0.1% at 87.14, up 1.1% over the past week. The shared currency earlier hit a session low of $1.1750, marking its lowest level since Dec. 18, according to WSJ Market Data Group.
Investing.com – The dollar retreated from a fresh five-month high against a basket of major currencies as a rout of the euro eased, prompting traders to take profits on the greenback despite concerns about proposals laid out by a future Italian coalition government.
Investing.com - The dollar gained steam on Friday, reaching a new five-month high.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rallied 0.17% to 93.55 as of 10:50 AM ET (14:50 GMT).The dollar has surged over 1% this week, as bond yields jumped to a seven-year high. The yield on the benchmark United States 10-Year Treasury note dipped to 3.078 after hitting an overnight high of 3.126. ...
The pair drifted slightly lower during the Thursday’s session as it is witnessing some stability after experiencing a steep decline in previous two sessions. The British Pound had been volatile during the yesterday’s session moving down to test the upward trend line for support. The AUD continued to remain volatile during the yesterday’s session reaching the 0.75 level underneath which is offering a bit of support.