On Friday, the market continues to trade the echos coming from the US.GDP figures which came out slightly better than the forecasted one. 

According to the “second” estimate released by the Bureau of Economic Analysis, the U.S. Real gross domestic product (GDP) grew at an annual rate of 2% in the second quarter of 2019. In the first quarter, real GDP grew 3.1%. 

Eventually, the Greenback buyers were testing the 98.57 resistance handle on the back of US Q2 GDP that came in-line with the forecasts. Meantime, the EUR/USD was underway a strong tumbling rally, targeting the robust 1.1027 support handle. 

Economic Calendar – Canadian GDP In Highlights


BTC/USD – Daily Forecast

Bitcoin is trading at $9,496, marking a 1.85% price drop on the day. Yesterday, BTC, ETH, and XRP all sank distinctly in price and continues to trade the same price action.

BTC, in particular, fell below the $10,000 price point and continued to slip to under $9,500 earlier today. 

BTC/USD – Daily Technical Levels

Support Resistance 

9617 10805.92

9094.65 1472.49

7905.73 12661.41

Pivot Point 10283.57


BTC/USD – Daily Forecast

The BTC/USD has traded well in line with our forecast and continued to stay below 9790. Its the same level which was providing supporting the leading crypto pair during the last week. 


The Stochastic and RSI still stays in the bearish zone, signalling odds of further selling in the BTC/USD. The sentiment remains bearish as the violation of double bottom has opened further room for selling until 9476 and 9300. Let’s keep an eye on 9550 as BTC/USD can stay bearish below this level today.

EUR/USD – Bearish Trend Continues 

The single currency Euro weekend on the release of worse than expected Prelim inflation data from Germany. The inflation rate in Germany as measured by the consumer price index (VPI) is expected to be 1.4% in August 2019. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that the consumer prices are expected to decline by 0.2% in July 2019.

With that, the EUR/USD continues to trade bearish after violating 1.1060 support level which was acting as a stoppage, preventing the downside. The violation came with a bearish engulfing candle on the 4-hour timeframe which is suggesting strong chances of bearish trend continuation. 

The Stochastic and Relative Strength Index (RSI) is indicating 9 and 8 levels respectively, showing strong bearish bias among traders. EUR/USD is likely to gain support around 1.1030 and 1.1005 while the resistance stays at 1.1065 today. 

EUR/USD – Daily Technical Levels

Support Resistance 

1.1035 1.1087

1.1013 1.1116

0.0961 1.1168

Pivot Point 1.1065

EUR/USD – Daily Forecast

On Friday, I will be looking to stick with my old plan to stay bearish below 1.1098 to target 1.1065 (achieved) and 1.1030. Whereas, buy positions on bullish breakout of 1.1065 will be preferred.

GBP/USD – Steady Above Crucial Trading Level

The cable took a bearish turn amid stronger dollar and uncertainties around Brexit. On the Brexit front, UK PM Boris Johnson necessitates help from the Queen to suspend the Parliament. Therefore, suspension of the UK Parliament ahead of Queen’s speech would support Boris to perform his exit plans with minor interference.

The GBP/USD continued to trade in a bullish channel, but in a bearish mood as it slipped to lower corner of the channel. The 1.2160 level is an area of ground, and now it seems as if we will continue to see a lot of noise in this region.

On the 4 hourly charts, GBP/USD has formed a bullish channel which is extending support to sterling around 1.2160. The bullish channel is still intact but the EMA has been violated as GBP/USD has crossed below it. 

The violation of 1.2160 level could send GBPUSD deeper towards 1.2115. On the upper side, resistance continues to stay at 1.2300. Overall sentiment remains bullish above 1.2170.

GBP/USD – Daily Technical Levels

Support Resistance 

1.2151 1.2283

1.2088 1.2351

1.1956 1.2483

Pivot Point 1.2219

GBP/USD – Daily Forecast

On Friday, one of the crucial trading levels is 1.2170 and the bearish breakout may extend bearish rally until 1.2120. 

All the best!

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