GBPUSD

Cable holds firmly in red and extends weakness close to key support at 1.2773 (Fibo 61.8% of 1.2397/1.3381) on Friday.
The pair is on track for the second consecutive weekly close in red and the biggest one-week fall in two months that adds to negative picture.
Pessimism over Brexit as PM May will try again to pass her deal through the parliament after triple rejection and will likely step down after the parliamentary vote, further sours already weak sentiment. Firm bearish setup of daily/weekly studies supports scenario, but deeply oversold daily stochastic warns that bears may take a breather before resuming. Completion of weekly Head and Shoulders pattern was bearish signal and bears look for next negative signal on close below 1.2773 Fibo support (also higher low of 10 Feb) that would open way towards targets at 1.2668 (15 Jan low) and 1.2629 (Fibo 76.4%).
Thick falling weekly cloud and formation of 10/200SMA golden cross, maintain pressure.
Falling 5SMA (1.2854) and former low (1.2865) mark initial resistances which should ideally limit upticks.

Res: 1.2798; 1.2854; 1.2865; 1.2900
Sup: 1.2773; 1.2745; 1.2700; 1.2668

GBPUSD

 

Interested in GBPUSD technicals? Check out the key levels

    1. R3 1.292
    2. R2 1.2891
    3. R1 1.2845
  1. PP 1.2816
    1. S1 1.277
    2. S2 1.2741
    3. S3 1.2695

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD recovery reaches critical 1.1170 price zone

The EUR/USD pair bounced from a fresh multi-year low of 1.1106, although the advance stalled in the 1.1170 region, with the pair having been unable to extend gains beyond it since last Friday. Bulls to become more courageous if the advance extends beyond 1.1200.

EUR/USD News

GBP/USD modestly up for the day after flirting with 1.2600

The GBP/USD pair is poised to close in positive ground for the first time in ten days, a result of an extremely overbought dollar and US data giving bulls a reason to take some profits out of the table. Brexit chaos persists, Pound gains unlikely.

GBP/USD News

USD/JPY trades at weekly lows near 109.70 as risk aversion dominates

The USD/JPY pair met a renewed selling pressure in the American trading hours amid intensifying flight-to-safety and touched its lowest level in a week at 109.68.

USD/JPY News

Market confidence in doldrums as PMI surveys plummet

US and German PMI surveys failed to muster any form of confidence in the growth picture, with stocks and the dollar under pressure today. The UK political picture looks bleak, with the chances of a no-deal Brexit or general election rising with May’s departure. 

Read more

Gold jumps to weekly tops and retreats, still well bid near $1280 level amid risk-off mood

Gold built on its intraday positive move and spiked to fresh weekly tops, around the $1284 region in the last hour, albeit retreated a bit thereafter.

Gold News

Majors

Cryptocurrencies

Signatures