Dukascopy Bank Team
Dukascopy Bank SA
“The recent negative undertone has eased with the sharp bounce and this pair has likely moved into a 1.2400/1.2580 consolidation range. In other words, the overall neutral phase that started earlier this month is still intact.”
– UOB Group (based on FXStreet)
-
Pair’s Outlook
Despite strong downside volatility, the GBP/USD pair managed to recover from its intraday low and even close trade in the green zone. The Cable now faces the 1.25 resistance, which is bolstered by the 20- day SMA and the weekly R1. However, a breach of this area does not ensure further bullish momentum is to follow; for that the Sterling is required to climb over the 1.2540 level, as that would slightly reassure the current three-week down-trend is to come to an end. A strong support area just above 1.24 is likely to help the British currency remain afloat, as it has been doing for a whole a month now.
-
Traders’ Sentiment
There are 58% of traders being long the Pound today, compared to 59% on Tuesday. At the same time, the share of sell orders returned to its Monday’s level of 55% (down from 58% previously).
Interested in GBPUSD technicals? Check out the key levels
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.