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GBP/USD: Bears have not given up the fight

Friday's four-hour chart is pointing to a resumption of the falls in the cable, according to Yohay Elam from FXStreet.  GBP/USD is trading at 1.2928 right now.

Key quotes

“Sterling's recovery has been enough to push it out of oversold conditions according to the Relative Strength Index on the four-hour chart. However, momentum remains to the downside while it faces massive resistance. The 50, 100, and 200 Simple Moving Averages are converging around 1.30 and may prove a hard barrier for the pound.” 

“Initial resistance awaits at 1.2975 which was a swing low last week. The round number of 1.30 almost converges with the 200 SMA.”

“Support awaits at 1.29, a round number that provided support in January.”

 

Gold continues to trade above $1,630, near seven-year high set earlier

After breaking above the critical $1,600 mark at the start of the week, the troy ounce of the precious metal extended its relentless rally and touched
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Fed's Bullard: Financial stability risks are moderate at this point

"Valuations look high, but not at this level of interest rates, I think we're ok for now," St Louis Fed President James Bullard told CNBC on Friday. B
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