GBPUSD – no clear direction on mixed daily studies; US data eyed
|Cable ticked higher on Friday, in attempts to extend recovery rally from the previous day, driven by weaker dollar, but limited upside seen so far.
Bulls are lacking strength for stronger advance, holding in the middle of two-week 1.3457/1.3612 range.
Daily studies show MA's in bullish setup but RSI and Momentum in sideways mode and offsetting bullish signals.
Recent upside attempts were so far limited by 4-hr cloud top (currently at 1.3552, also Fibo 61.8% of 1.3612/1.3457), firm break of which would generate fresh bullish signal and shift near-term focus higher.
Otherwise, increasing downside risk could be expected on repeated rejections here and return below 10 SMA (1.3540).
The pair is awaiting releases of US data today for fresh direction signals.
Res: 1.3564; 1.3585; 1.3612; 1.3655
Sup: 1.3540; 1.3517; 1.3481; 1.3457
Interested in GBPUSD 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.