The Cable struggles around the 1.5000 level ever since early Asian opening, holding to a mild positive tone in the short term, but showing little directional strength in a quiet consolidative stage. Earlier on the day, Bank of England Kristen Forbes said that she is optimistic on global growth and that falling oil prices may boost consumption worldwide, leading to an early rate hike in the UK.
Technically, the 4 hours chart shows that 20 SMA maintains a bearish slope above current price, offering dynamic resistance around 1.5050 whilst indicators corrected oversold readings and stand flat in negative territory. The level should attract sellers if reached, although a price acceleration above it may see the upward corrective movement extending up to 1.5090/1.5110 price zone. The immediate support stands at 1.4980 with a break below triggering a quick spike down to 1.4950 first, followed later by 1.4910/20 price zone.
View Live Chart for GBP/USD
Technically, the 4 hours chart shows that 20 SMA maintains a bearish slope above current price, offering dynamic resistance around 1.5050 whilst indicators corrected oversold readings and stand flat in negative territory. The level should attract sellers if reached, although a price acceleration above it may see the upward corrective movement extending up to 1.5090/1.5110 price zone. The immediate support stands at 1.4980 with a break below triggering a quick spike down to 1.4950 first, followed later by 1.4910/20 price zone.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.