GBPUSD attempts to consolidate
Cable (GBP) has also been at the mercy of the greenback after progressive pressure for most of this month. The price is at a crossroads after hitting a double bottom at 1.3040 and then meeting resistance at 1.3100. Renewed buying interest will need to hold above 1.3150 to sustain any rebound. Failing that, a fall below the said double bottom would cause a deeper correction towards 1.3000.
EURUSD looking for support
The US dollar has shown no signs of slowing after testing the 1.1500 level. A brief lift above 1.1530 has offered buyers some relief, forcing some sellers to cover some of their bets. However, the top of 1.1580 is a key hurdle to lift to confirm that the bulls have regained control. On the downside, a confirmation break below 1.1500 would invalidate the short-term rebound impetus and drive prices towards 1.1440.
NAS 100 hits another low
The Nasdaq continued to fall amid the tech sell-off. The index is looking to hold above the 24000 level after falling over a thousand points in a few short sessions. 23800 at the base of the latest move is a significant level to hold, and a sustained bounce could attract some momentum buying and expose 24500. A drift below 23800 would dent the optimism and send the index lower, as traders look towards a potential bubble burst.
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