GBP/USD Trading Below Main Support Line, Gold Starts Week Bullishly

 | Jul 13, 2015 05:36AM ET

EUR/USD:

The EUR/USD pair has started bearishly following Friday’s decline after failing to stabilize above 23.6% Fibonacci.

The bullishness remains in favor, as the EUR/USD stabilizes above 1.1065, while we should be cautious about trading size due to the Greek crisis updates.

EUR/USD 4-Hour Chart

Anyway, we will be bullish with the attempt of achieving positive crossover on moving averages.

GBP/USD:

The GBP/USD pair has inclined, but it is still trading below the main support line and below 50% Fibonacci, while ADX shows some kind of weakness in the trend strength.

GBP/USD 4-Hour Chart

We should be cautious about the pair’s trading since a break below 1.5380 will bring bearish tendencies, while penetrating 1.5650 will be a positive catalyst.

Gold:

Gold has started the week bullishly after being supported above SMA20 –colored in green-as seen on the provided chart, while attacking 1162.25, which represents the previous trough.

Breaching through 1167.65 will bring bulls into track to correct the last week’s bearishness.

On the downside, coming beneath 1150.00 will be a bearish sign, as traders may target 1136.00.

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