In spite of a strong UK GDP reading, the GBP/USD currency pair was unable to pierce the immediate resistance cluster, resulting in a small bearish correction, with a slip below 1.26 again. The same cluster keeps providing strong resistance today around 1.2670, implying that the Pound is to weaken against the US Dollar for the second day. The nearest demand area rests around 1.2515, which could limit possible losses, while another strong group supports is located at 1.2430, namely the monthly PP and the 55-day SMA. However, technical indicators in the daily timeframe suggest the Cable is to inch higher; nevertheless, the immediate resistance is expected to remain intact.

The GBP/USD currency pair confirmed yesterday’s scenario, having climbed back above the 1.23 major level and even completely ignoring the immediate resistance at 1.2324. Friday brings a lot of uncertainty, as volatility direction is likely to be caused by Trump’s speech during his inauguration later today. From a technical perspective we should see more upside movement, despite a group of strong resistances located just beyond the 1.24 handle. On the other hand, the US Dollar could receive a solid boost, with the Cable seen dropping as low as 1.21 in the worst case scenario.

After experienced some high volatility, the US Dollar suffered another leg down on Wednesday, but managed to remain above the immediate support, namely the weekly S1. Moreover, Donald Trump said nothing to support USD bulls yesterday, causing bears to take over. This USD/JPY weakness is likely to persist today, with the immediate support area around 115.00, namely the weekly S1 and the Bollinger band, being incapable of limiting the losses. Instead, attention should be paid to the second demand cluster, located at 113.50 and formed by the weekly S2 and the monthly S1.

There was no trading of Gold Monday morning, which led to a lack of motion in the XAU/USD price. As for future movements, the pair has dashed through the 20-day SMA, but losses are likely to be cut at 1,138.98, the lower trend-line. We will look for the channel to remain in force until the upper trend-line of the senior bearish channel is reached, and it could take around at least three weeks to do that. The current downward motion could experience some hitches at 1,148.39, the weekly Pivot Point before the ultimate daily target is addressed.

The yellow metal surged in the early hours of Friday’s trading session. However, such a tendency has been seen throughout this week, as either scalpers take profit during the Asian session or there exists a negative sentiment on the US Dollar in Asia due to other fundamental reasons. Although, in the second half of the day of the GMT time zone the bullion steadily continues to fall. It is most likely that Friday’s trading session will be no different from the few previous, as there are usually no gradual changed in finance in the period up to Christmas.

The USD/JPY currency pair remained relatively unchanged on Tuesday, managing to retain its position above the 115.00 mark. From the technical point of view, the Buck is likely to strengthen against the Japanese Yen today, rebounding from the four-week up-trend and putting the immediate resistance area circa 116.30 to the test. On the other hand, with fundamental events being the main drivers today, the outcome can be less pleasant for the American Dollar. There are risks involved, which can cause the given pair drop even below 113.00, completely ignoring the two closest demand areas.

The yellow metal’s price had slightly surged on Friday morning, as the bullion had touched the 1,177.62 mark. However, the metal reached the upper trend line of a short term descending channel pattern, and began to retreat. Meanwhile, daily aggregate technical indicators forecast no changes in the pair. By combining the two factors it seems clear that the rate will fall below to the weekly S1 at 1,162.76 and rebound against it to surge back to a level very close to the opening price of 1.170. In addition, this would then be the third time the weekly S1 would stop the fall of the commodity price.

The USD/JPY currency pair behaved in accordance with expectations on Thursday, having successfully retaken the 113.00 level and leaving the immediate resistance area intact. Despite technical indicators retaining bullish signals, the Buck now is under higher risk of weakening against the Japanese currency, as the pair still faces a rather strong resistance, now formed by the weekly R2 and the 23.60% Fibo. Even if bulls manage to push the Greenback higher, a surge beyond the ascending channel’s resistance line at 114.44 is unlikely. The base case scenario is a decline up to 100 pips, as a slump further would imply a downside breach of the channel pattern.