Yesterday UK fundamental data was published. Traders were moving the price to
1.33 in anticipation of strong GDP news, but data failed them. May’s
manufacturing and industrial productions showed lower increasing than the
forecasts levels, that is why the pair was falling for 3 hours to 1.3230. Also our
selling signal was activated at 1.3280.
Today British Pound is showing narrow trading range 1.3280-1.3250. On the
hourly chart we see triangle formation with the 1.3360 high and 1.3190 low.
Considering the Cayman indicator, which shows 65% of buyers and MACD
histogram, the pair doesn’t look balanced. We expect rapid price movement until
the end of today’s session. That is why we recommend moving Stop Loss to a
breakeven point – 1.3280 and waiting until next signals, which will be bearish if
price wouldn’t succeed 1.34 resistance.
Gold price is oscillating around $1250-$1260 after showing us fast bearish trend
since the middle of June. New low of this year was reached on last week at $1238.
Regarding forecast for short-term period – we expect, that Gold continue falling
today. We see bearish support on the hourly chart – after bulls has not succeed
with Flag formation in the middle of Asian trading session.
Cayman shows 80% of buyers. Therefore, this is the strong signal for opening new
short positions. That is why, we are ready selling Gold from current levels or after
bullish correction to 1270 level.
So, our targets for
GBPUSD – is selling at 1.34
Gold – is selling from $1270