The GBP/USD consolidates near a daily high of 1.6184, losing the early upward momentum amid weak UK data: public finances worsen over the last six months, with the government borrowing more than budgeted. News the ECB is purchasing covered bonds from Spain and Italy sent Euro nose diving, helping the greenback advance also against Pound.
Technically, indicators retrace from overbought levels, with some clear bearish divergences in the 4 hours momentum and RSI retracing from 70. 20 SMA in the mentioned time frame maintains a strong bullish slope, acting as dynamic support in the 1.6080 price zone. Immediate support comes at former resistance at 1.6125, and once below, mentioned 1.6080 comes next. A break above the daily high however, should lead to further intraday gains, eyeing then 1.6220/30 price zone.
View Live Chart for GBP/USD
Technically, indicators retrace from overbought levels, with some clear bearish divergences in the 4 hours momentum and RSI retracing from 70. 20 SMA in the mentioned time frame maintains a strong bullish slope, acting as dynamic support in the 1.6080 price zone. Immediate support comes at former resistance at 1.6125, and once below, mentioned 1.6080 comes next. A break above the daily high however, should lead to further intraday gains, eyeing then 1.6220/30 price zone.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.