Two Trades To Watch: GBP/USD, WTI Crude Oil - Thursday, Jun. 3

After an initial knee-jerk reaction, Iran nuclear talks have turned into a slow burner 

EIA inventory data is due later today and is expected to show a decline in stock piles. 

Where next for WTI crude oil? 

WTI trades above its ascending trendline dating back to November. It trades above its 50 & 100 sma on the daily chart in an established bullish trend. The RSI is supportive of further gains whilst it remains out of overbought conditions (OIL, BNO).  

Immediate resistance is at $70 the psychological level, before $75.00 draws into a focus a level last seen in 2018. 

It would take a move below $66.80 to negate the near term uptrend. Support can be seen at the 50 sma at $63.30 and $61.50 May’s low. 

 

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