Cable is holding within 1.21/1.22 range ahead of UK IP data / Trump

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable eased to 1.2150 zone in Asia, after repeated recovery rejection just under strong 1.2200 resistance.
Near-term action is holding within 1.2105/1.2196 range and is consolidating recent sharp fall from 1.2428 (06 Jan recovery high).
Overall structure is bearish and fears of ‘hard Brexit’ persist, keeping the pair under pressure, as the price returned below cracked neckline of asymmetric daily H&S pattern.
However, flat hourly studies may keep the price in extended consolidation, ahead of key events today: UK Industrial Production data and Trump’s news conference, which may accelerate near-term price action.
Firm break below 1.2105 would open key supports at 1.2000 zone and signal fresh weakness on break lower.
Alternatively, sustained break above 1.2200 barrier would delay bears for extended correction which would expose next pivot at 1.2268 (daily Tenkan-sen line).

Res: 1.2196; 1.2219; 1.2268; 1.2305
Sup: 1.2146; 1.2105; 1.2081; 1.2000

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2286
2. R2 1.2238
3. R1 1.2203
PP 1.2155
1. S1 1.2121
2. S2 1.2073
3. S3 1.2038

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.