GBP/USD
Cable accelerates higher on Thursday, lifted by weaker dollar as markets are still not sure what the Fed will decide in the next week’s policy meeting.
The latest surprises from RBA and BOC raise hopes that the US central bank would opt for another 25 basis points hike, against signals of pause in hiking cycle, although it is still unclear what the US policymakers will decide.
Fresh strength emerges again above the top of rising daily cloud following false breaks higher in past two days but needs to sustain gains above the cloud and close above 1.2493 pivot (50% retracement of 1.2679/1.2307 / daily Kijun-sen) to generate fresh direction signal after two consecutive long-legged daily Doji candles signaled strong indecision.
Improving daily studies (14-d momentum is back to positive territory / MA’s turning to bullish configuration) support the action, however, another failure to clearly break out from rising and thickening daily cloud would weaken near-term structure and keep the downside vulnerable.
Res: 1.2431; 1.2472; 1.2493; 1.2544.
Sup: 1.2450; 1.2435; 1.2397; 1.2368.
Interested in GBP/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.