GBP/USD outlook: Cable stands at the front foot ahead of US jobs data
|GBP/USD
Cable is standing at the front foot in European trading on Friday after Thursday's action ended in Doji candle and signaling that four-day fall might be running out of steam. The lower 20-d Bollinger band contained fall and fresh upside attempts eye pivotal barriers at 1.2414 (30DMA) and 1.2436 (converged 10/20/55DMA's). Firm break here is needed to sideline bears and allow for further recovery. Momentum on daily chart is rising towards the centerlines and stochastic emerged from oversold territory, supporting the notion, as daily cloud continues to underpin. The pair is holding within larger range, defined by 1.2174 (range low / Fibo 38.2% of 1.1409/1.2647) and 1.2647 (200DMA / highs of 14 and 30Apr) and break of either side is needed to generate fresh direction signal.
Res: 1.2414; 1.2434; 1.2484; 1.2500
Sup: 1.2352; 1.2335; 1.2309; 1.2265
Interested in GBP/USD technicals? Check out the key levels
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.