GBP/USD How Low Is Low Enough?

The pair has been witnessing some devastating developments for the Cable Bulls. This session only GBP/USD went from 1.4560 to 1.4417 and we are not half way through the trading day.

This is the lowest since mid-May 2010. Currently, GBP/USD is trading around it's lowest level around 1.4420-25.

The sharp downtrend has been lowering prices since mid-June last year. All market experts and analysts who forecasted a price above 1.55 for the new year are caught by surprise with this unusual development.

Chart: GBP/USD D1

Oil Below $31

Oil is trading below the $33 mark for a third day today and below the $31 for the first time in 12 years.. Market sentiment remains bearish as the support level around $33 was breached for a second time since Friday. In light of this, many analysts and market experts envision that Oil would most likely make a move to $25. 

This is the first time Oil has dropped so low in 12 years as the persistent global glut of crude continues to weigh on the market. 

Oil prices are down more than 10% this year only. 

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GBP/USD Hit Support

The pair is trading significantly lower in today's trading session, going below 1.46 and reaching as low as 1.4532. Currently GBP/USD is trading at 1.4620, a sharp climb just after the rapid decline.

Main trend is still bearish and remains bearish until we get a break above 1.47 thus returning back to the upward channel.

First level of support is 1.4570, second level is 1.4530, third level is 1.4500.
First level of resistance is 1.4640, second level is 1.4686 and third level is 1.4700.

Chart: GBP/USD H4

Silver Up 3%

Silver is trading close to 3% up in today's trading session. It went from 13.92 to 14.37, 2.53% upward movement. Along with Gold, Silver is the biggest winner in today's session.

It's too early to say whether uptrend is officially the new thing, but according to the daily chart, Silver will see further gains if it manages to pull through the resistance it currently is in.

Second resistance remains 14.60, third resistance remains 14.90.

Chart: XAG/USD D1

EUR/USD Lower

The EUR/USD is trading at its lowest since the beginning of December. In today's trading session the pair reached 1.0764 and is currently trading at around 1.0770.

We did not see much of an impact by the rate hike, but the after effect turned out to be quite positive for the U.S. Dollar. 

First level of support for the pair is 1.0760, S2 1.0734. 

First resistance for the pair: 1.0800, R2 1.0850

Chart: EUR/USD D1

EUR/PLN High Volatility

The pair has been highly volatile for the past year with sharp and rapid turns, losses and gains. EUR/PLN's trend is still unclear as we witness sudden changes of the trend. One thing is clear - for the last few months it is going heavily to the upside, but not without the constant pressure of the bears who are trying to push prices down.

This pair's behavior is hard to predict so you might want to stay away from trading it until it manages to form a clear and consistent pattern.

Chart: EUR/PLN D1