Alpari - Analytics

Alpari

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Daily analytical report (02/05/18)

 

  • Since the middle of the April, the Cable has lost nearly 800 pips. What a drop! The first signs are starting to emerge that this could be too much and now there’s time for some take profit action. GBPUSD reached a combination of two super important supports:  the long-term upwards trend line and the horizontal one on at 1.359. First reaction here is bullish; so we can experience a further upswing aiming at least at the 1.375 resistance.
  • GBPJPY is not so optimistic about a further rise. Here, the price broke the 150.50 support before successfully testing it as the closest resistance. We also managed to deny the bullish flag, which triggers here a legitimate sell signal.
  • Last up is gold, which is defending the ultra-important support around 1,307 USD/oz. This area has been containing the price for the whole of 2018 so a breakout could trigger a very strong sell signal. So far so good, but buyers have to be very careful. On the other hand, the bounce from this place will trigger us a great buying opportunity with an attractive risk-to-reward ratio.


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