Summary: James Harwood reviews the day's most compelling forex and Gold setups, including short entries on EURUSD and XAUUSD, and a contrarian view on GBPUSD.




Data Source: This analysis is based on the FxearQT: Complete FX10 Technical Data Analysis Report from July 28, 2026.

This is James Harwood. Let’s cut through the noise and focus on the high-conviction setups I am watching.

My Top Picks



1. EURUSD – Clean Short Setup


  • Current Price: 1.13856

  • Spread: 20 pips

  • Daily Trend: Bearish

  • Daily RSI: 39.28 (Weak)

  • Divergence: Bearish divergence confirmed

  • Daily ATR: 489 pips

  • Price Position: Very close to the 4H high (490 pips away)


    • From my review, this is the cleanest setup today. The bearish divergence is key. While price made a higher high recently, RSI failed to confirm it. With the daily trend already bearish, this is a strong sell signal.

    My Trade Plan:
  • Direction: SHORT

  • Entry: 1.13904

  • Stop Loss: 1.14467

  • Take Profit: 1.13059

  • Risk-Reward Ratio: 1.50:1 (This is the minimum I consider acceptable.)


    • 2. XAUUSD (Gold) – A High-Risk, High-Reward Short


  • Current Price: 4035.22

  • Spread: 68 pips

  • Daily Trend: Bearish

  • Daily RSI: 44.88 (Weak)

  • Divergence: None

  • Daily ATR: 8824 pips

  • Price Position: Very close to the 4H low (3565 pips away) and the Fib 0.618 level.


    • I am issuing a caution on this one. The recent easing of the US-Iran geopolitical tensions has removed a key support for Gold, and the market is still pricing in a potential Fed hike next week. This creates a strong bearish macro backdrop.

    However, the volatility is high, and the ATR ratio for the recommended stop is just 0.28, which is dangerously tight for this instrument. A large stop-loss is necessary for Gold, which makes the risk-reward less appealing.

    My Trade Plan:
  • Direction: SHORT

  • Entry: 4044.04

  • Stop Loss: 4069.04

  • Take Profit: 4006.54

  • Risk-Reward Ratio: 1.50:1


    • Contrarian View on GBPUSD



    The report suggests a "neutral" stance on GBPUSD due to conflicting timeframes. I disagree. Here is my personal take: the macro picture is more compelling.

    From my perspective, the market is underestimating the potential for a dovish surprise from the Bank of England later this week. While the 4H chart shows some support, the overall weakness in the UK economy and the slowing wage growth suggest the BOE might start signaling rate cuts sooner than expected. The bearish divergence on the daily chart is a precursor.

    My View: While the technicals are messy, the fundamental headwinds are building. I would not be surprised to see GBPUSD break below recent lows and test the 1.3240 area in the coming days.

    Disclaimer: This is my personal analysis and does not constitute financial advice. Trading forex and CFDs carries a high risk of loss.

    This article was originally published on FXEAR.com. All rights reserved.