Your weekly review of technical patterns and structure.

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

Forex: GBP/USD to Whipsaw North of $1.25?

H4 Timeframe –

Short-term price action on the GBP/USD currency pair is testing the underside of the $1.25 handle. Directly above, however, resistance resides at $1.2538. With buy-stops likely located above $1.25 (set by breakout buyers and protective stop-loss orders from those short $1.25), a whipsaw beyond the round number into $1.2538 resistance could be seen, a move that may encourage short-term selling.

Commodities: WTI Oil Downside Continuation?

Daily Timeframe –

The daily timeframe of WTI ended nearly 4.0% lower yesterday, consequently filling the upside gap that unfolded in early April and shaking hands with a decision point at $72.63-$74.36.

This market has been in a downtrend since late 2022, and a break of the aforementioned decision point could mean a test of the $64.35 March low and a possible continuation lower.

Equities: Dow Testing Support

Daily Timeframe –

The Dow Jones Industrial Average concluded Wednesday testing support at 33,263, which happens to be closely accompanied by a 38.2% Fibonacci retracement ratio at 33,071 and a 50-day simple moving average at 33,070. Although this area provides a potential floor to work with today/tomorrow, do bear in mind that a spike to pull in support at 32,901 could also be seen before buyers attempt to push higher.

Cryptocurrency: XRP/USD Challenging AB=CD Structure

Daily Timeframe –

As evident from the daily timeframe of XRP/USD, price action recently crossed swords with AB=CD support around $0.44425, an area complemented by several additional Fibonacci ratios (commonly referred to as a Fibonacci Cluster) and indicator support taken from the Relative Strength Index (RSI) at 39.82.

Common upside targets can be found from the 38.2% and 61.8% Fibonacci retracement ratios at $0.49189 and $0.52757, respectively, derived from legs A-D.

Charts: TradingView

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