GBP/USD: Neither the bulls nor the bears can seem to retain control [Video]
It has been a well-trodden road for Cable. A rebound for a handful of sessions, before a retracement sets in. Neither the bulls nor the bears can seem to retain control for longer than a week or so. And so, the recent rebound has turned lower at $1.3070 and started to form negative candles again. A retreat back below $1.2990 has re-opened the near term pivot band of support $1.2940/$1.2960 as the hourly chart indicators begin to take on more of a corrective outlook again. Read more...
GBP/USD Outlook: Pound was slightly higher after mixed UK jobs data
Cable edges higher after release of key event today – UK jobs data, which showed mixed reading.
Average earnings fell below 3.0% in Dec (2.9%, the slowest rise since Aug 2018) vs 3.0% f/c and 3.2% rise in previous three-month period.
On the other side, jobless claims fell significantly below expectations (Dec 5.5K vs 22.6K f/c) but still below downward revised previous release (2.6K from 14.9K), while new employment figure strongly beat forecast (Dec 180K vs 145K f/c).
Unemployment rate remained unchanged at 3.8% - the lowest since early 1975. Read more...
GBP/USD Price Analysis: Pound off session highs, holds above 1.3000 level
Following the October and December bull-run, pound/dollar is trading in a rectangle consolidation above the 100/200-day simple moving averages (SMAs). The spot is trading below the 1.3100 and 50 SMA.
GBP/USD four-hour chart
The pound is rebounding from the 1.3000 support while challenging the 200 SMAs on the four-hour chart. Bulls seem unwilling to let go, however they need to overcome the 1.3080 level to reach the upper side of the range near 1.3125 and 1.3160 levels. Supports are likely located near 1.3000, 1.2958 and 1.2931 level, according to the Technical Confluences Indicator. Read more...
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