The GBP/USD pair trades at fresh weekly highs, having flirted with the 1.4880 area during Asian hours. The pair set a short term double bottom around 1.4810, with buyers maintaining the lead. The fundamental calendar has been empty during the European morning, but the US will release housing, employment and manufacturing data later on in the day, guaranteeing some volatility. The USD is in trouble these days, as tepid macroeconomic data is keeping the American currency under pressure. Should the data come out again below expectations, the pair may advance beyond the 1.4900 level.
Technically, the 4 hours chart shows that the price develops well above a bullish 20 SMA, whilst the technical indicators are regaining the upside after partially correcting overbought readings, supporting the ongoing bullish tone. In the same chart, the 200 EMA stands at 1.4905, becoming a critical dynamic resistance, as steady gains above it should open doors for an advance towards the 1.5000 price zone.
A break below 1.4810 on the other hand, should revert the intraday bullish trend and see the pair retreating towards the 1.4740/60 price zone.
View live chart of the GBP/USD
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.