GBP/USD: at a key inflection point
|GBP/USD Current price: 1.4065
- US data may only affect the pair temporarily if dollar's positive.
- Dollar's weakness pushing GBP/USD higher, watch 1.4080.
The GBP/USD pair extended its advance up to 1.4076 early London, holding on to gains above the 1.4036 session´s low. There were no relevant headlines coming from the UK, but the kingdom will present its January retail sales this Friday. A bunch of US data is coming to the wires although none is a big market mover. In the meantime, stocks hold on to gains but pared their advances, as well as Treasury yields.
The pair is bullish short term, as in the 4 hours chart, technical indicators are hovering near overbought territory, with the RSI already gaining upward traction, as the pair develops well above its moving averages. A major resistance comes at 1.4080, the 61.8% retracement of February's decline, with a break above it favoring an extension up to 1.4150, February 5th daily high.
Support levels: 1.4020 1.3970 1.3930
Resistance levels: 1.4080 1.4120 1.4150
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.