GBP/USD technical analysis: Clings to gains near weekly tops ahead of Carney’s speech
|- The GBP/USD pair built on the overnight goodish recovery move from multi-month lows and climbed further beyond the key 1.2500 psychological mark on Thursday.
- Sustained strength above 100-hour SMA - for the first time since July 1, was seen as a key trigger behind a follow-through buying interest for the second straight session.
A subsequent move beyond 23.6% Fibo. level of the 1.2785-1.2440 recent downfall, coupled with the fact that technical indicators on hourly charts have been gaining positive momentum support prospects for further intraday gains.
However, oscillators on the daily chart are yet to catch up with the positive momentum and might turn out to be the only factor holding investors from placing any aggressive bullish bets amid persistent fears of a no-deal Brexit.
Traders now seemed to await Thursday’s release of the BoE Financial Stability Report, which will be followed by the BoE Governor Mark Carney’s press conference, before positioning for a move beyond 200-hour SMA – currently near the 1.2555-60 area.
Above the mentioned region, the pair might confront resistance near the 1.2595-1.2600 supply zone, which if cleared decisively will set the stage for a follow-through up-move towards 61.8% Fibo. level – around the 1.2660-65 zone.
GBP/USD 1-hourly chart
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.