GBPUSD keeps its positive stability – Analysis - 08-03-2018

The EURUSD pair shows more sideways trades, settling around 1.2400 barrier, and stochastic continues to approach the oversold areas, waiting to motivate the price to resume the bullish trend in the upcoming sessions, while it needs to breach 1.2445 to confirm the continuation of the bullish wave towards the recently recorded top at 1.2536 as a next main station.

Crude oil price declined strongly to attack 61.40 level and attempts to hold below it, but we notice that the price found solid support at the bullish channel’s support line that appears on the chart, which might assist to push the price back to the bullish track, but we need to monitor the daily close and tomorrow’s opening according to 60.65 and 61.40 levels, as breaking the first level will put the price under more negative pressure on the short term basis, while breaching the second one will revive the positive scenario that its targets begin at 62.65 and extend to 64.20.

Gold price hovers around the EMA50, while stochastic prepares to provide positive overlapping signal on the four hours’ time frame, waiting to motivate the price to resume the bullish trend in the upcoming sessions, reminding you that breaching 1335.40 followed by 1340.00 levels is required to reinforce the expectations of targeting 1365.97 level as a next main station, while the expected rise will remain valid unless breaking 1316.48 level and holding below it.