GBP/USD: Could Cable trade consistently in the 1.27 area? [Video]

Richard Perry Independent Analyst

GBP/USD

The near term importance of holding on to the neckline of the small base pattern at $1.2540 is key as it maintains the prospect of a continued recovery on Cable. An uptrend formation of the past two weeks is also holding. It means that this near term recovery is now testing the resistance of a much bigger, seven month downtrend on Cable, which comes in at $1.2690 today. A strong start to Monday’s trading is now building on the strengthening of momentum now, with RSI into the low 60s, MACD lines finding positive traction from a bull cross at neutral. There is a confluence of resistance overhead though, with an old rebound high at $1.2685 to overcome too. This would mean that if Cable can start to trade consistently in the $1.27s it would be a signal that the bulls are gaining a solid stronghold on the market. Initial support of Friday’s low at $1.2565 is leaving $1.2585/$1.2600 as an area to look for long positions were this morning’s rally to fade.

Author

Richard Perry

Independent Analyst

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.