The overall outlook remains bullish on Tuesday. The price returned to the 1.1650 region after a short-lived decline to 1.1630. The resistance resides at 1.1700, the support comes in at 1.1650.
Any decline will be seen as corrective until the spot stays above 1.1550. We will not sell as it against the trend. We took wait-and-see position waiting for fresh buy signals.
GBP/USD remained hovering above 1.3000 on Tuesday. The rebound from 1.2960 is still in force. However, bulls seem to have lost strength and stopped gathering fresh steam. The resistance lies at 1.3100, the support comes in at 1.3000.
The current breakout above 1.3000 does not have any legs. The pound needs to move above 1.3050 to extend its recovery. Should the major move beyond the mark it may reach 1.3100 in coming days.
USD/JPY bounced from 110.60 and was able to regain some lost ground. The spot grew to 111.00 where it lost steam and spent the night and the early morning. Bulls tried to extend their gains during the European hours and advanced up to 111.40 by noon. The resistance lies at 112.00, the support comes in at 111.00.
The pair may to extend its recovery if it consolidates above 111.00. In this potential scenario the price may test 111.50 first and then reach 112.00.
Gold almost reached 1260 when the upward momentum lost steam. The price returned to 1250 on Tuesday. The resistance exists at 1260, the support stands at 1250 dollars per ounce.
Gold prices are unlikely to reclaim 1260 in the coming days. We believe the price will push away from the level after several unsuccessful attempts to take it. The spot may decline to 1240 - 1245 dollars per ounce.
A minor technical correction is underway now. The price pulled away from 47.50 and broke 48.50 dollars per barrel. The benchmark continued its growth afterwards and headed towards 49.50 but stopped half way to the level on Tuesday. The resistance lies at 49.50, the support lies in at 48.50 dollars per barrel.
If sellers regain the market they may drive prices towards 47.50.
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