-
GBP/USD continues its consolidating move.
-
Medium-term uptrend line acts as strong support.
GBP/USD is still holding near the mid-level of the medium-term trading range of 1.2520-1.2785. The pair is battling with the 50-day simple moving average (SMA) at 1.2673 again, with the technical oscillators suggesting weak momentum on price. The MACD is flattening near its trigger and zero lines, while the RSI is pointing slightly down, trying to cross below the 50 level.
In the case of more notable gains, the pair may manage to hit the upper boundary of the consolidation area at 1.2785 ahead of the five-month peak of 1.2825. Steeper increases could drive the market towards the 1.3000 psychological mark.
On the other hand, some critical levels are waiting the price for a turning move from the price such as the 20- and the 200-day SMAs at 1.2630 and 1.2575 around the longer-term uptrend line. Beneath these lines, the 1.2495-1.2520 support region may halt bearish actions before resting near 1.2370 bar.
All in all, GBP/USD has been lacking clear direction over the last three months, but a closing day below the supportive trend line would change the outlook to negative.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
AUD/USD plunges to near 0.6400 as weak Aussie GDP boosts RBA dovish bets
Disappointing data results from key fundamentals in Australia weighed heavily on the Aussie Dollar, sending AUD/USD to fresh four-month lows in the boundaries of the key contention zone at 0.6400.
EUR/USD holds near 1.0500 ahead of Powell speech
EUR/USD managed to clinch its second day in a row of gains, extending the recent breakout of the 1.0500 mark in response to the inconclusive tone in the US Dollar ahead of key US data releases later in the week.
Gold advances to $2,650 area as US yields edge lower
Following a consolidation phase near $2,640, Gold gains traction and rises to the $2,650 area. The benchmark 10-year US Treasury bond yield pushes lower after weak macroeconomic data releases from the US, helping XAU/USD stretch higher.
Crypto Today: Ethereum price crosses $3.7K as Tron and Avalanche lead DeFi Market rally
Ethereum price crossed the $3,700 mark as it outperformed Bitcoin on Wednesday amid positive tailwinds from news reports that the Securities & Exchange Commission (SEC) could approve staking for crypto ETFs in the US.
Four out of G10
In most cases, the G10 central bank stories for December are starting to converge on a single outcome. Here is the state of play: Fed: My interpretation of Waller’s speech this week is that his prior probability for a December cut was around 75% before the data.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.