The FP Markets research team scans the financial markets for you, highlighting clear and actionable technical structures.

Forex: GBP/USD indicating further downside

Monthly and daily timeframes:

Price action on the monthly timeframe of the GBP/USD (British pound versus the US dollar) is seen testing notable resistance at US$1.3483. Additionally, daily price recently breached the lower boundary of a rising wedge pattern (formed between US$1.3593 and US$1.3415), indicating that the currency pair could target daily support at around US$1.3127.

Commodities: Spot Silver eyeing higher levels

Daily timeframe:

Spot silver (XAG/USD) recently refreshed multi-year highs of US$37.31, following a test of resistance-turned-support from US$35.67. While the Relative Strength Index is showing early signs of negative divergence from overbought territory, and although this could prompt another retest of US$35.67 support, overhead airspace on the price chart demonstrates scope to approach resistance at US$38.22.

Equities: S&P 500 still a dip-buyers’ market

Daily timeframe:

Following a retest of the 200-day simple moving average at 5,812 in late May (in the shape of a morning star candlestick pattern), we have observed the S&P 500 climb above the yearly opening pivot of 5,903. Given that sentiment is skewed to the upside, and with price action in the process of forming an ‘alternate’ AB=CD bullish pattern that converges with 5,903 at 5,898 (1.618% Fibonacci projection ratio), this area could serve as a base that dip-buyers target.

Cryptocurrency: Double-bottom pattern for LTC/USD?

Daily Timeframe:

The daily price of LTC/USD (Litecoin versus the US dollar) is forming a double-bottom pattern at US$81.22, with a neckline at US$93.70. Interestingly, a break of neighbouring trendline resistance (taken from the high of US$139.45) could serve as an early signal of the double-bottom pattern completing (breaching the neckline) and offering a bullish signal to target as far north as highs of US$105.40.

Charts created using TradingView

Written by FP Markets Chief Market Analyst Aaron Hill

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