GBP/USD
In the aftermath of the US Federal Reserve caused drop, the GBP/USD began a recovery, which appeared to have ended on Tuesday. Namely, the rate declined from a resistance zone just below the 1.3950 level, as soon as it was being approached from above by the 100-hour simple moving average.
If the 100-hour SMA manages to continue to provide resistance, the pair could decline to the support of the 1.3800 level. The 1.3800 level reversed the Federal Reserve decline. However, if the 1.3800 mark is passed, the GBP/USD would not have technical support as low as the weekly S1 simple pivot point at 1.3690.
On the other hand, a potential surge above the 100-hour SMA would most likely test the resistance of the 1.3950 level. In the case of the 1.3950 being passed, the rate could return to the 1.4000 mark.
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 drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price holds strength ahead of US core PCE inflation
Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core PCE Price Index data for February, which will be published on Friday.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.