The GBP/USD surged to a fresh year high with European opening, reaching 1.6841 so far today, albeit retracing now some on lack of volume across the board. The 4 hours chart however, maintains a nice bullish tone with price well above its 20 SMA and momentum heading higher in positive territory while RSI stands flat around 70.
With no data released in the UK, the pair trades in consolidative mode above the 1.6800 figure, with current downward corrective movement aiming to test immediate support around 1.6770/80 price zone. Nevertheless, as long as above this last the upside is favored towards 1.6870, November 2009 monthly high.
A break below 1.6770, may see the pair correcting lower down to 1.6720 area, albeit buyers will likely defend this last, preventing the pair from falling further.
View Live Chart for GBP/USD
With no data released in the UK, the pair trades in consolidative mode above the 1.6800 figure, with current downward corrective movement aiming to test immediate support around 1.6770/80 price zone. Nevertheless, as long as above this last the upside is favored towards 1.6870, November 2009 monthly high.
A break below 1.6770, may see the pair correcting lower down to 1.6720 area, albeit buyers will likely defend this last, preventing the pair from falling further.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
EUR/USD holds firm above 1.0700 ahead of German inflation data
EUR/USD trades on a firm footing above 1.0700 early Monday. The pair stays underpinned by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 155.00 on likely Japanese intervention
USD/JPY is recovering ground after crashing to 155.00 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
Gold price bulls move to the sidelines as focus shifts to the crucial FOMC policy meeting
Gold price struggles to capitalize on its modest gains registered over the past two trading days and edges lower on the first day of a new week, albeit the downside remains cushioned.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.