So it is quite significant that the GBPUSD was able to break through this level so it will be interesting to see if the support there is able to hold up. Looking lower, the other key level at 1.27 has supported the currency pair well in recent months.
We also covered UK Oil which didn’t do much else throughout the rest of the week. It started the week dropping sharply after reaching a three month high just shy of $68, before consolidating a little for the rest of the week above the $65 level. Given its recent resistance from the $63 level, this may provide some support should UK Oil drop below the $65 level. Despite its easing this week, UK Oil has had a very solid start to the year rallying from 16 month lows below $50 at the end of last year, back up to the key $58 level and beyond, after its doom and gloom to close out 2018. The $58 level also continues to play a role and is likely to continue to do so should it decline further.
The AUDUSD didn’t enjoy last week very much as it fell strongly from around 0.72 down towards the current key level of 0.7050. In the last few weeks the AUDUSD has been attempting to steadily climb higher to back above the key 0.7150 level but remains less than convincing and is again struggling and relying heavily on support from 0.7050. Only a few weeks ago the AUDUSD fell back down to support at 0.7050 after meeting stiff resistance at the key 0.73 level, and it is currently relying on support from 0.7050 which has supported the currency pair several times and very well since October 2018.
To finish out the week we covered the US30 index which also didn’t do too much during the week. Even though the US30 index declined ever so slightly during the middle of the week, it has been able to reach a three month high around 26200 in the last week. Several weeks ago the index seemed content to have consolidated in a narrow range right above the significant level of 25,000 before it began its slow climb higher. It was able to resume what has become a very steady climb higher which started back in December. At the end of January, the 25000 level offered some resistance to the index however this was quickly broken through, only for the level to prop up the index since, and this level remains key.
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