EUR/USD 1.13626
-0.061%
Gold 4021.06
-0.138%
Oil 71.481
0.220%
USD/JPY 161.808
0.007%
GBP/USD 1.31915
0.010%
GBP/JPY 213.454
0.030%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On June 26th, according to foreign media reports, Canadian canola futures on the Intercontinental Exchange (ICE) closed higher on Thursday, with the benchmark contract rising 0.40%, mainly reflecting a rebound in international crude oil futures. An analyst stated that the modest rise in Canadian canola prices was primarily due to a rebound in West Texas Intermediate (WTI) crude oil prices after falling to $70 per barrel, which boosted commodity prices, including canola. Crude oil prices rose by more than $1 per barrel, and Chicago soybean oil and European canola oil prices also increased. However, Malaysian palm oil prices fell on the same day. Statistics Canada will release its canola planting area report next Tuesday. Analysts currently predict that the Canadian canola planting area this year will be between 22.1 million and 23 million acres.June 26 (Futures News) – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Thursday, with the benchmark contract rising 2.2%, following the rebound in the international crude oil market. International crude oil futures rebounded on Thursday as an attack on a cargo ship near Oman raised concerns about when Middle Eastern oil shipments would return to pre-war levels. The rebound in crude oil prices provided a strong boost to the Chicago soybean oil market. The U.S. Department of Agricultures weekly export sales report showed that for the week ending June 18, 2026, net sales of U.S. soybean oil for the 2025/26 marketing year were 900 tons, down 62% from the previous week and 47% from the four-week average.On June 26th, according to foreign media reports, soybean meal futures on the Chicago Board of Trade (CBOT) closed higher on Thursday, with the benchmark contract rising 1.6%, following gains in neighboring soybean and soybean oil markets. The rebound in international crude oil futures and the potential for high temperatures in the Midwest boosted Chicago soybean and soybean oil futures, providing a price support for the soybean meal market. The USDAs weekly export sales report showed that for the week ending June 18, 2026, net sales of U.S. soybean meal for the 2025/26 marketing year totaled 153,100 tons, down 46% from the previous week and 47% from the four-week average. Net sales for the 2026/27 marketing year were 29,200 tons, compared to 120,200 tons a week earlier.June 26 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Thursday, with the benchmark contract rising 2%. This was mainly due to improved U.S. soybean export sales, a rebound in international crude oil futures, and the possibility of high temperatures in parts of the Midwest over the weekend, which boosted the relative price of soybean oil futures. The U.S. Department of Agricultures crop condition report released Monday showed that two-thirds of the U.S. corn and soybean crops were growing well or very well, reflecting favorable growing conditions in the Midwest. However, market attention shifted to the weather forecast for the coming week on Thursday. The National Oceanic and Atmospheric Administration (NOAA) predicts that temperatures could reach 100 degrees Fahrenheit (approximately 38 degrees Celsius) this weekend from the northern Midwest to the Carolinas in the East. Temperatures from the Great Plains to the Atlantic coast will be above average for this time of year, a situation expected to continue until July 4.Japans Tokyo unadjusted CPI rose 0% month-on-month in June, compared with 0.3% in the previous month.

GBP/USD Price Analysis: Targets a Breakout above 1.2100 from the Descending Triangle

Daniel Rogers

Dec 30, 2022 12:01

 GBP:USD.png

 

In the Asian session, the GBP/USD pair is doing poorly due to investors' reluctance to acquire substantial positions due to the holiday market sentiment. The Cable is fluctuating within a 10-pip band below 1.2060 and will likely continue to do so in the foreseeable future.

 

Following a decline to approximately 103.50, the US Dollar Index (DXY) has attempted a recovery. As risk appetite improved on Thursday, the USD Index witnessed a big fall. The yield on 10-year US Treasury bonds slipped below 3.83 percent during early trading.

 

The Cable is building speed in anticipation of an hourly breakout from the chart pattern of a Descending Triangle. The major currency is hovering near the downward-sloping trendline drawn from the high of December 19 at 1.2242, while the horizontal support of the previously described chart pattern is placed at the low of December 22 at 1.1992.

 

The pair is trading above the 20-period Exponential Moving Average (EMA) above 1.2050, indicating a strong near-term rise.

 

A consolidation is coming as the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00. A breakout of the bullish zone between 60.00 and 80.00 will trigger bullish momentum.

 

Should the Cable firmly surpass the high of 1.2112 on December 27, Pound Sterling bulls would drive the asset to the high of 1.2189 on December 21, followed by the high of 1.2242 on December 19.

 

In contrast, a significant slide below the low of December 22 at 1.1992 will cause the Descending Triangle to collapse and drag the Cable to the low of November 29 at 1.1940. A breach below this level would expose the pound to more weakness near the low reached on November 30 around 1.1900.

Suggestion