Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable bounces from new multi-month low on Tuesday, boosted by better than expected UK services PMI data and hawkish stance from BoE policymakers, who signaled that rate cut might be delayed, as the central bank sees too early cut more harmful than to start easing policy too late.
Brightened near-term outlook so far lifted the price above initial barrier at 1.2400, with pivotal 1.2446/56 resistance zone (falling 10DMA / Fibo 38.2% of 1.2709/1.2299) being under increased pressure.
Close above these levels is needed to generate initial reversal signal and open way for further recovery towards next targets at 1.2500/60 zone (round-figure / Fibo 61.8% / 200DMA).
Daily studies are still in predominantly bearish setup and warn of limited correction before larger bears regain control, with sustained break of 200DMA seen as a game changer.
Res: 1.2446; 1.2504; 1.2536; 1.2565.
Sup: 1.2396; 1.2331; 1.2299; 1.2210.
Interested in GBP/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD edges higher toward 1.0500 after EU data
EUR/USD picks up fresh bids and heads closer to 1.0500 in the European session on Friday. The pair shrugs off a broadly strong US Dollar amid upbeat Eurozone Industrial Production data. The upside, however, appears capped due to dovergent Fed-ECB policy expectations.
GBP/USD remains pressured below 1.2650 after weak UK data
GBP/USD stays under bearish pressure and trades below 1.2650 in the European session on Friday. The data from the UK showed that the Gross Domestic Product contracted by 0.1% on a monthly basis in October, weighing on the Pound Sterling.
Gold price surrenders major part of intraday gains; downside potential seems limited
Gold price (XAU/USD) surrenders a major part of its intraday gains and retreats to the lower end of the daily range during the first half of the European session on Friday.
Bitcoin and Ripple stalls while Ethereum eyes rally
Bitcoin faces resistance near $101,100, hinting at a potential downturn. At the same time, Ethereum eyes a rally if it can firmly close above $4,000, and Ripple holds support at $1.96, with a breakdown signaling a possible decline.
Can markets keep conquering record highs?
Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.
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.