This market will continue to be very noisy in general, but it looks to me like it is still in a relatively strong downtrend.

• The GBP/USD currency pair has been all over the place during the trading session on Thursday, as the Bank of England raised interest rates by 50 basis points.
• We are sitting just below the 50 Day EMA, and therefore a certain amount of technical resistance should be thought of as existing in this area.
• It is important to know that a lot of traders will be paying attention in this area, and it’s also important to notice that although the Bank of England raised rates, the British pound initially plunged.

Federal Reserve VS Bank of England

This is because the British economy is suffering at the hands of inflation, but so is everybody else. At this point, people are starting to pay close attention to the interest rate differential between the two economies, which favors the United States, but it has narrowed quite a bit now that we have seen the BOE act. That being said, we have the jobs number coming out on Friday, and that will be the next major catalyst.

If we were to break down below the bottom of the candlestick, we are almost certainly going to see this market test the 1.20 level. Breaking down below that level then opens up the possibility of a plunge down to the 1.18 level. If we can break it down below there, then the market more likely than not will drop to the 1.16 level. Anything below there becomes a wipeout for the British pound. It is likely that you would see some type of catastrophic situation where the US dollar strengthens against almost everything when you have that type of move. Ultimately, this is a market that I think will continue to be very noisy in general, but it looks to me like you are still in a relatively strong downtrend. In fact, it’s not until we break above the 1.25 level that I think the entire trend has changed, something that will take quite a bit of effort to make happen.

Pay close attention to how this market closes on Friday because it could give you an idea as to how people feel about the British pound and the US dollar as holding a currency over the weekend is a completely different situation altogether. Because of this, watch what the market does, not what pundits say.

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Speculative traders of DOGE/USD took the cryptocurrency to above 7 and three quarter cents on the 27^th of June, since then Dogecoin has lost value.

DOGE/USD is trading above 6 and half cents in early trading this morning.  One of the darlings of speculative bettors, DOGE/USD managed to produce a rather impressive run higher last week. On the 18^th of June DOGE/USD was trading slightly below the 5 cents ratio and on the 27^th Dogecoin suddenly found itself near 0.07850000. The move higher was a wildly successful gain in value from a percentage viewpoint for short term buyers who caught the positive move upwards.

However, the past few days of DOGE/USD have seen speculative elements who were buying start to loss power and disappear.  Like the broad cryptocurrency market which DOGE/USD reflects, the cryptocurrency has seen values begin to incrementally drop and support ratios once again come into view. The long term bearish trend DOGE/USD has suffered from is still strong, and technical perspectives likely do not look positive to many speculators presently.

If DOGE/USD is not able to topple current resistance which appears to reside slightly below 7 cents and the broad cryptocurrency market remains fragile, there is reason to suspect another round of selling could develop for Dogecoin sooner rather than later. Certainly the reversal higher produced starting on the 18^th of June until the 25^th are stark reminders upwards movement can occur, but skeptics may believe the selling which began to show strength again a couple of days ago may continue near term.

If support near 6 and half cents begins to falter, DOGE/USD could certainly find the 6 and a quarter cents ratio is a target quickly.  The last time DOGE/USD traded near the 6 and a quarter cents ratio with a sincere amount of price action was on the 23^rd of June. This price level could prove crucial for traders, because if it should suddenly prove vulnerable the 6 cents target could be legitimate for speculative selling targets.

DOGE/USD continues to prove a good behavioral sentiment barometer for the broad cryptocurrency market. Dogecoin’s upward mobility in the recent past is intriguing because it may have been a speculative push higher, produced by big bets based on the notion support under five cents could be durable for a while. However, the long term bearish trend in the cryptocurrency is still strong and DOGE/USD may prove to be a worthwhile selling wager for the near term. There appears to be room for DOGE/USD to traverse lower.

Dogecoin Short-Term Outlook

Current Resistance: 0.0698000

Current Support: 0.06440000

High Target: 0.07320000

Low Target: 0.05840000