The Regular Trader

 7 February 2023, 15:48    GBP/USD turns lower for the fourth successive day and drops to a fresh one-month low. Hawkish Fed expectations, a softer risk tone underpins the USD and exerts some pressure. Traders look forward to Fed Chair Jerome Powell’s speech for some meaningful impetus. The GBP/USD pair attracts fresh sellers following an intraday uptick to the 1.2055 area and turns lower for the fourth successive day on Tuesday. Spot prices drop to a fresh one-month low heading into the North American session, with bears now eyeing to challenge a technically significant 200-day SMA near mid-1.1900s. The US Dollar reverses an intraday dip and holds steady near a one-month peak touched on Monday, which, in turn, is seen exerting downward pressure on the GBP/USD pair. The upbeat US monthly jobs data (NFP) released last week fueled speculations that the Federal Reserve (Fed) will stick to its hawkish stance. This, in turn, remains supportive of a modest intraday uptick in th...

 7 February 2023, 15:31    EUR/USD adds to the ongoing bearish move and drops below 1.0700. Extra decline appears in the pipeline below the 1.0770 region. EUR/USD remains well on the defensive and drops to new lows in the sub-1.0700 zone on Tuesday. The pair has recently broken below the 3-month support line near 1.0770, and this now allows for the downtrend to gather extra impulse in the near term. Against that, the next interim support comes at the 55-day SMA at 1.0662, while the breach of this region could open the door to a deeper retracement to the 2023 low at 1.0481 (January 6). In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0319. EUR/USD daily chart  

 Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is the upper border of the cloud (0.8745). The closest resistance level is the upper border of the cloud (0.8940). On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.8720). The closest resistance level is Kijun-sen line (0.8990). On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at...