Quiet Week on the economic data front, the market focused on geopolitical developments around Russia and Turkey, where the US has adopted new sanctions. Japanese economy recovered from its first quarter dip, to grow at 0.5% for the second quarter.
Breaking the symmetrical triangle is increasing the bearish bias. Markets will target 1.1320 support area as long as trading below 1.1620.
Bearish bias remains on the cards. This is the despite that fact that we can be seen a corrective move toward 1.29, however, it would be considered an opportunity for shorting sterling. The price could target the level of 1.2500, this is where the next support level is based.
The major support level at 110.50 is maintained, so we do expect a move toward 112.50 resistance levels.
Gold is trading with a range market between 1207/1217 levels. A break above the 1217 will push the market toward 1225, on the other hand a move below 1207 would see the market targeting 1198/1195. Odds between up or down move is equal as the market is trading within the rectangle pattern.
The uptrend for West Texas still valid, moreover, market is most probably creating a bullish signal at the trendline. So, as the levels of 65.50 is maintained we would see a upward move to 69.80 resistance level.
Markets had formed a bearish signal at the upper channel's trend line and followed with an increasing selling pressure, so the risk skewed to downside and move toward 24,950 support is highly expected.