Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable started trading on Monday with a gap-higher, but gains were so far short-lived and stalled under last week’s high at 1.1439.
Fresh optimism about a solution for deepening political crisis in Britain on expectations that Rishi Sunak will be next Prime Minister, after Boris Johnson retreated, inflated pound in early Monday, but fresh bulls lacked strength to break higher.
Daily studies are bearishly aligned as negative momentum rises but firmer signals are still needed.
Filling today’s gap would add to negative near-term structure, with extension and close below 20DMA (1.1181) to generate bearish signal and make the downside more vulnerable for test of key supports at 1.1060/00 (Friday’s spike low / psychological).
Initial resistance lays at 1.1439 (Oct 17 high) guarding pivot at 1.1495 (monthly high), violation of which would bring bears fully in play.
Res: 1.1439; 1.1495; 1.1550; 1.1590.
Sup: 1.1272; 1.1229; 1.1181; 1.1091.
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
AUD/USD: Next on the downside comes 0.6500
Further gains in the US Dollar kept the price action in commodities and the risk complex depressed on Tuesday, motivating AUD/USD to come close to the rea of the November low near 0.6500.
EUR/USD: No respite to the sell-off ahead of US CPI
The rally in the Greenback remained well and sound for yet another session, weighing on the risk-linked assets and sending EUR/USD to new 2024 lows in the vicinity of 1.0590 prior to key US data releases.
Gold struggles to retain the $2,600 mark
Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.
SOL Price Forecast: Solana bulls maintain $250 target as Binance lists ACT and PNUT
Solana price retraced 7% from $225 to $205 on Tuesday, halting a seven-day winning streak that saw SOL become the third-largest cryptocurrency by market capitalization.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
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.