Technical Analysis Of The S&P 500, EUR/GBP And Silver As They Take A Breather.

(MENAFN- DailyFX (IG)) Macro update

​Oil rebounds on ceasefire doubts: Brent and WTI climbed back towards $95-to-$97 as uncertainty around the US-Iran truce and slow progress on reopening the Strait of Hormuz kept supply concerns elevated.

​Hormuz disruption persists: Shipping remains restricted due to security risks, mines and elevated insurance costs, with analysts expecting limited additional supply in the near term despite the ceasefire.

​Middle East tensions continue: Ongoing strikes in Lebanon and attacks on Gulf energy infrastructure underscore the fragility of the truce and ongoing risks to regional oil supply.

​Equities lose momentum after relief rally: Asian markets and US futures softened after Wednesday's strong gains, as investors reassessed geopolitical risks and the durability of the ceasefire.

​Inflation and rates repriced higher: Oil prices remain around 40% above pre-conflict levels, reinforcing expectations of persistent inflation and reducing pricing for rate cuts, with the Fed seen on hold and risks tilted towards hikes.

​FX and bonds stabilise amid uncertainty: The dollar steadied after recent losses, Treasury yields remained elevated, and gold held firm as investors balanced geopolitical risks against evolving monetary policy expectations.

​​S&P 500 rally stalls

​Wednesday's strong S&P 500 Iran ceasefire rally is taking a breather with a retracement towards the 17 March high at 6,754 looking possible. Further down lies the early March low at 6,711 which may also offer support.

​Were Wednesday's peak at 6,793 to be bettered, the 24 February low at 6,815 may be reached next, together with the 10 March high at 6,845.

​Short-term outlook: bullish while above the 3 March low at 6,711

​Medium-term outlook: bullish while above the 7 April low at 6,535

​​S&P 500 daily candlestick chart Source: TradingView ​EUR/GBP ascent is taking a breather

​EUR/GBP's recovery from the £0.8613-to-£0.8610 early February and late August 2025 lows has taken the cross to £0.8742 in late March, a level which has capped the advance since.

​While this week's low at £0.8686 holds, another attempt at revisiting the £0.8740-to-£0.8746 resistance area may be made. If exceeded, the March peak at £0.8789 would be back in sight.

​Below £0.8686 lies the 23 March high at £0.8679.

​Short-term outlook: bullish while above the 31 March £0.8676 low

​Medium-term outlook: neutral with a bullish bias while between the March £0.8613-to-£0.8789 boundaries

​EUR/GBP daily candlestick chart Source: TradingView ​Silver price stays sidelined

​The price of silver has been gradually rising from its 23 March low at $61.0065 but remains capped by its breached November-to-March support line - now because of inverse polarity a resistance line - at $76.7988.

​Were it and this week's high at $77.6525 to be overcome, the 3 March low at $77.9611 would be in focus.

​Minor support may be found between the early April lows at $69.8120-to-$69.5645, a fall through which would likely engage the mid-December high at $66.8973.

​Short-term outlook: bullish while above the 2 April $69.5645 low

​Medium-term outlook: neutral while above the 23 March low at $61.0065 but below the 2 March high at $96.4255; failure at $61.0065 would make our forecast bearish

Silver daily candlestick chart Source: TradingView Important to know

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