GBP/USD Is Bearish

The last GBP/USD move to the upside lasted for a little over a week but the pair finally found some resistance at 1.3030 and bounced off from that level after forming a very clear hanging man candlestick on the daily time-frame. The current move to the downside still continues and the pair remains quite bearish, so the closest target is likely the support at 1.2855, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that support level will likely lead to a further move to the downside towards the next support, which is at 1.2800, or even towards 1.2750, which coincides with the same indicator, but on the daily time-frame.

Gold Is Very Bearish

Gold fell sharply yesterday from $1,242 to $1,218 but that latest move to the downside had begun after the precious metal formed a clear shooting star candlestick at $1,254 on the four-hour time-frame. Gold did find some support at 1,218 and bounced off from that level and is currently retracing back to $1,230, but the overall move the downside is likely not over yet. More importantly, the precious metal will likely soon reach an important support level at $1,214 – that is, if it breaks out below $1,218 first. $1,214 is the last low and it is most obvious on the weekly time-frame. A breakout below that support will likely lead to a further move to the downside towards $1,200 or even below that level.

EUR/USD Found Some Resistance at 1.1445

The last EUR/USD move to the upside lasted for several days but the pair finally found some resistance at 1.1445 where it formed a new high and bounced off that level after forming a very clear hanging man candlestick on the daily time-frame last Friday. Considering that candlestick as well as the subsequent doji candlestick and hanging man candlestick on the four-hour time-frame it is unsurprising that the move to the downside continues for now. The first target on the way down will likely be around 1.1345, and a breakout below that support could probably lead to another move to the downside towards 1.1270, which coincides with the (MA)89 indicator on the aforementioned four-hour time-frame.