**Pairs in Focus: Silver, GBP/USD, EUR/USD, Bitcoin**
*Adapted and expanded from the ForexFactory analysis by Justin Low. Additional insights included.*
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With global markets ever-evolving, traders are continually zooming in on specific assets to capture volatility and trend moves. This week, several pairs and commodities are in particular focus: Silver, GBP/USD, EUR/USD, and Bitcoin. Each instrument presents unique technical and fundamental setups.
## Silver (XAG/USD)
**Recent Performance and Key Resistance**
– Silver surged notably last week, with the XAG/USD pair breaking through several resistance levels.
– However, the price action encountered a strong barrier at the $30.00 per ounce level, a psychological round number and multi-year resistance.
**Technical Highlights**
– **Resistance:** The main zone lies at $30.00-30.35; this region halted advances and has historical significance from past bull cycles.
– **Support:** Immediate support stands at $28.00, with additional strong support at $27.10 and $26.00.
– *Rationale:* After a rapid rally, silver tends to pause at major psychological levels as buyers consolidate gains and new sellers emerge.
– **Chart Patterns:** Candlesticks indicate a potential short-term exhaustion following the impulsive move, possibly leading to a consolidation or minor pullback.
**Fundamental Drivers**
– Recent gains were driven by:
– Expectations of lower real interest rates
– Geopolitical risk premiums
– An uptick in physical silver demand for industrial and investment purposes
– The next catalyst could be US inflation print or changes in Federal Reserve forward guidance.
**Trading Outlook**
– Bulls remain in control above $28.00, but must decisively break $30.00–$30.35 to sustain momentum.
– Failure at this resistance could see the market retrace back toward the mid-$28 zone.
## GBP/USD
**Strong Weekly Move**
– The pound rallied powerfully last week, posting the best weekly gain since December 2023. The GBP/USD pair climbed from around 1.2640 at the previous week’s open to highs above 1.2840.
**Technical Analysis**
– **Resistance:** The 1.2820-1.2850 area serves as a key near-term ceiling.
– **Support:** The 1.2700 and 1.2670 levels offer the first levels of downside protection.
– **Trend Structure:** The market cleared a zone of consolidation that had persisted between 1.2600 and 1.2740, providing impetus for fresh buying.
– **Momentum Indicators:** RSI surpassed 70 late in the week, indicating possible overbought conditions in the very short term.
**Fundamental Context**
– The main driver for the pound was a series of data releases that revealed a more resilient UK labor market and sticky inflation expectations.
– The Bank of England adopted a tone less dovish than anticipated, leading money
Read more on AUD/USD trading.