Sample Category Title

• GBP/USD consolidates gains near 3-year high.
• Short-term bias remains positive; focus on 1.3597 resistance.

GBPUSD has eased slightly below May’s three-year high of 1.3592, but Monday’s solid rebound has renewed optimism that the bulls are still in control.

For further upside momentum, the price needs a decisive close above the resistance line from July 2023 at 1.3597, which capped gains last week. A breakout above the key constraining zone of 1.3658 could trigger a more exciting rally toward the 2022 peak at 1.3747. Beyond that, attention could shift to the ascending trendline around 1.3865.

From a technical perspective, the short-term risk remains skewed to the upside, supported by the upturn in the stochastic oscillator and the fact that the RSI continues to hover comfortably above its neutral 50 level, despite showing signs of fatigue.

Should the support trendline near 1.3465 or the 20-day exponential moving average (EMA) provide a solid base—much like in mid-May—the bulls may regain control. Otherwise, increased selling pressure could push the pair down to the 1.3260 area, where the 50-day EMA currently lies. The 1.3240–1.3165 trendline zone may serve as the last line of defense before the broader uptrend entirely loses its shine.

In summary, GBP/USD remains in a consolidation phase, with the potential for fresh highs if the 1.3597 resistance is convincingly broken.

As shown on the XAG/USD chart, silver prices rose on Monday, surpassing the previous high of the year, which was set on 28th March at around $33.50 per ounce.

Why Is Silver Rising?

A bullish driver came from statements made by the White House. According to media reports:

→ US President Donald Trump announced on Friday evening plans to double tariffs on steel and aluminium imports to 50%, starting 4th June. This intervention in the global metals market may have also impacted silver prices, given silver’s significant industrial value.

→ Trump's claims that China violated the trade agreement reached in Geneva last month further cast doubt on the prospects of a phone call between Trump and Chinese President Xi Jinping.

Technical Analysis of the XAG/USD Chart

Today’s bearish candlestick (marked with a red arrow) indicates that sellers are becoming active, willing to open short positions near the 2025 high. From a technical analysis perspective, there are signs of:

→ a bearish engulfing candlestick pattern forming;

→ a false breakout above the March high (trapping bullish traders).

However, the bulls may attempt to keep the price in the upper half of the emerging ascending channel (shown in blue), relying on support from the former resistance level at $33.67.

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Daily Pivots: (S1) 192.88; (P) 193.40; (R1) 193.78; More...

Range trading continues in GBP/JPY and intraday bias stays neutral. Further rise is in favor as long as 191.86 support holds. Firm break of 196.38 will resume whole rally from 184.35. However, firm break of 191.86 will indicate near term reversal and turn bias back to the downside.

In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 175.94 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 162.95; (P) 163.20; (R1) 163.55; More...

Range trading continues in EUR/JPY and intraday bias remains neutral. On the upside, above 164.24 will bring retest of 165.19 resistance first. Firm break there will resume while rise from 154.77 to 166.67 resistance. On the downside, however, break of 161.06 will resume the decline from 165.19 instead.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 0.8432; (P) 0.8441; (R1) 0.8459; More...

EUR/GBP's rebound from 0.8354 short term bottom is in progress. Intraday bias stays on the upside for 0.8458 resistance, and then 38.2% retracement of 0.8737 to 0.8354 at 0.8500. On the downside, however, break of 0.8401 minor support will bring retest of 0.8354 low.

In the bigger picture, price actions from 0.8221 medium term bottom are merely forming a corrective pattern. There is no clear momentum to break through 0.8201 key support (2022 low) yet. Hence, range trading is expected between 0.8221/8737 for now.

Daily Pivots: (S1) 1.7577; (P) 1.7617; (R1) 1.7652; More...

EUR/AUD's rebound from 1.7245 continues today and intraday bias stays on the upside. . Firm break of 38.2% retracement of 1.8554 to 1.7245 at 1.7745 will solidify the case that fall from 1.8554 has completed as a correction. Next target is 61.8% retracement at 1.8054. On the downside, however, break of 1.7460 support will bring retest of 1.7245 instead.

In the bigger picture, as long as 1.7062 resistance turned support (2023 high) holds, up trend from 1.4281 (2022 low) should still be in progress. Break of 1.8554 is expected after the whole corrective pattern from there completes. However, sustained break of 1.7062 will bring deeper fall back to 1.5963 support.

Daily Pivots: (S1) 0.9333; (P) 0.9343; (R1) 0.9361; More....

Sideway trading continues in EUR/CHF and intraday bias remains neutral. Rise from 0.9218 might continue, either as a correction to fall from 0.9660, or the third leg of the pattern from 0.9204. On the upside, above 0.9419 will target 0.9445 resistance and above. Nevertheless, on the downside, firm break of 0.9291 will bring retest of 0.9218 low.

In the bigger picture, prior rejection by long-term falling channel resistance (now at 0.9527) retains medium term bearishness. That is, down trend from 1.2004 (2018 high) is still in progress. Firm break of 0.9204 (2024 low) will confirm resumption. This will remain the favored case as long as 0.9660 resistance holds.

Daily Pivots: (S1) 1.3677; (P) 1.3710; (R1) 1.3745; More...

Intraday bias in USD/CAD is back on the downside with breach of 1.3685 support. Current fall from 1.4791 is resuming. Next target is 61.8% projection of 1.4414 to 1.3749 from 1.4014 at 1.3603. For now, outlook will stay bearish as long as 1.3860 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Firm break of 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727 will pave the way back to 61.8% retracement at 1.3069.

Daily Pivots: (S1) 0.6453; (P) 0.6477; (R1) 0.6521; More...

Intraday bias in AUD/USD stays neutral as sideway trading continues. Further rally is expected with 0.6406 support intact. Above 0.6536 will resume the rally from 0.5913 to 61.8% retracement of 0.6941 to 0.5913 at 0.6548. However, firm break of 0.6406 will confirm short term topping, and turn bias back to the downside for 38.2% retracement of 0.5913 to 0.6536 at 0.6298.

In the bigger picture, AUD/USD is still struggling to sustain above 55 W EMA (now at 0.6441) cleanly, and outlook is mixed. Sustained trading above 55 W EMA will indicate that rise from 0.5913 is at least correcting the down trend from 0.8006 (2021 high), with risk of trend reversal. Further rise should be seen to 38.2% retracement of 0.8006 to 0.5913 at 0.6713. However, rejection by 55 W EMA will revive medium term bearishness for another fail through 0.5913 at a later stage.

Daily Pivots: (S1) 1.1377; (P) 1.1413; (R1) 1.1480; More...

EUR/USD's rebound from 1.1064 is in progress and intraday bias stays mildly on the upside. Further rise would be seen to retest 1.1572. Strong resistance could be seen there to limit upside at first attempt. Below 1.1311 minor support will turn intraday bias neutral first. Nevertheless, decisive break of 1.1572 will confirm larger up trend resumption.

In the bigger picture, rise from 0.9534 long term bottom could be correcting the multi-decade downtrend or the start of a long term up trend. In either case, further rise should be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This will now remain the favored case as long as 55 W EMA (now at 1.0856) holds.