EUR/GBP breaks resistance line

Source: Dukascopy Bank SA


The top update on the EUR/GBP daily candle chart is that the pair broke the resistance of the line, which connects the 2021 September and December low levels together with the 2022 high. The surge occurred on May 5, as the Bank of England announced that it expects higher inflation than previously forecast. It resulted in a 72 base point or 0.85% sharp move upwards, which broke the trend line. Namely, the fundamentals changed, as the Pound lost value.



Afterwards, the pair extended its surge, until it reached the 0.8600 mark, which acted as resistance. The rate even managed to pierce the 0.8600 level and shortly trade at the 0.8620 level, before retracing down to the 0.8400 level and the 50-day simple moving average.

If 0.8400 and the 50-day SMA provide enough support, the rate should test the resistance of the 0.8600/0.8620 zone, before new high is reached. Note that round exchange rate levels could stop a potential move above 0.8620.

On the other hand, a decline below 0.8400 and the 50 and 100-day simple moving averages could look for support in the 2019 and 2020 low level at 0.8280, prior to reaching the 2022 low levels at 0.8200/0.8250.

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Thu, 19 May 2022 07:39:15 GMT

Silver passes below 2021 and 2022 low levels

The price for silver passed below the support zone of the 2021 and 2022 low levels at 21.50/22.00 on May 10. On that day, the US Dollar strengthened due to the fact that inflation in the US was revealed to had continued to grow and the revelation signaled an incoming increase of monetary tightening by the US Federal Reserve.

Wed, 18 May 2022 11:02:00 GMT

CAD/JPY finds support in SMA

The surge of the CAD/JPY eventually surged above the 100.00 mark. Afterwards, a new high level zone was confirmed at 102.40/102.90, during April's trading. During the first half of May, the pair declined, before finding support in the 98.00 level and the 50-day simple moving average. On May 18, the rate had recovered and was testing the resistance of the

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