Slobodan Drvenica
Windsor Brokers
GBPUSD
Cable eases from fresh 5-week highs at 1.2540, where daily cloud top capped yesterday’s strong rally and today’s attempts to finally break above the cloud.
Easing on overbought conditions is under way, with initial supports at 1.2441/26 (broken 100SMA/ daily cloud base) being intact for now and guarding 1.2410 (Fibo 23.6% of 1.1986/1.2542 rally / 55SMA).
Daily Slow Stochastic is in overbought territory and may generate stronger bearish signal for deeper pullback.
The pair will be looking for the UK Supreme Court decision on A 50, due later today.
Overturn of High Court’s verdict from November could send pound significantly lower, while more likely scenario of Supreme Court decision would further support the pair.
Res: 1.2542; 1.2587; 1.2650; 1.2680
Sup: 1.2441; 1.2426; 1.2410; 1.2330
Interested in GBPUSD 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 holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Israel vs. Iran: Fear of escalation grips risk markets
Recent reports of an Israeli aerial bombardment targeting a key nuclear facility in central Isfahan have sparked a significant shift out of risk assets and into safe-haven investments.