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The GBPUSD within negative pattern - Analysis - 30-05-2023
The GBPUSD pair’s recent trades are confined within bearish pennant pattern that appears on the chart, and the EMA50 forms negative pressure against the price, while stochastic loses its positive momentum clearly.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, and the targets begin by breaking 1.2345 to confirm opening the way to head towards 1.2240.
Holding below 1.2380 is important to continue the correctional bearish scenario, as breaching it will cancel the suggested negative formation and lead the price to attempt to return to the main bullish track again.
The expected trading range for today is between 1.2270 support and 1.2430 resistance.
The expected trend for today: Bearish
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The EURUSD still negative - 30-05-2023
The EURUSD pair keeps its stability below 1.0735 level, to keep the bearish trend scenario valid and active for the upcoming period, organized inside the bearish channel that appears on the chart, waiting to visit 1.0650 as a next target.
MoreExpected calm trades affected by the financial markets’ holidays.
The currencies pairs and commodities move within tight ranges, affected by the European and US markets holidays, therefore, the suggested scenarios in our previous reports will remain valid without any change, and we recommend reviewing it to check the expected targets and trends for the upcoming period.
MoreEvening update for Crude oil price 26-05-2023
Crude oil price shows additional bullish bias to move above the EMA50, which urges caution from the upcoming trading, as holding above it will push the price to push the price to achieve additional gains that reach 73.80, while consolidating below it will press on the price to resume the bearish wave that its targets start at 71.55 and extend to 70.00 after breaking the previous level.
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