GBP/USD: Could Cable trade consistently in the 1.27 area? [Video]
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. Read More...
GBP/USD bullish but sellers wait at 1.2707
The GBP/USD is where sellers could be. At this point the price is bullish but watch for M H4 rejection if the price gets closer.
ATR high and M H4 are making a confluence. We can also see historical sellers from the zone 1.2700-10 and if the price drops that will be considered a retracement in the uptrend. Targets are 1.2640 and 1.2563. Only a break and 4h/daily close above 1.2710 could be considered a continuation sign with the targets at 1.2736 and 1.2833. Read More...
GBP/USD Analysis: 1.2665-70 has emerged as a strong barrier ahead of 200-DMA
The GBP/USD pair struggled to capitalize on its intraday uptick and for the third straight session on Monday, witnessed a modest pullback from the 1.2665-70 supply zone. The pair drifted into the negative territory and refreshed daily lows during the early European session. The intraday price action was exclusively sponsored by a modest US dollar rebound from lows, though the pair lacked any firm directional bias and remained well within the previous session's trading range.
The USD remained on the defensive through the first half of the trading action on Monday and was pressured by firming expectations that the worst of the coronavirus pandemic was probably over. Moreover, the incoming positive economic data has been fueling hopes of a sharp V-shaped global economic recovery. The optimism was evident from a positive tone across the global equity markets, which undermined the greenback's safe-haven status and provided an early lift to the pair. Read More...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.