Cable eases after three-day rally which repeatedly failed under pivotal Fibo barrier at 1.3158 (61.8% of 1.3284/1.2954).
Wednesday’s 0.7% advance marks the biggest one-day rally since 31 Dec, fueled by better than expected data (CBI index rose the highest in nearly six-years, with current easing seen as corrective action on overbought stochastic, as near-term action is underpinned by daily MA’s in bullish setup and rising momentum entering positive territory.
Corrective dips should find ground above converging 30/20DMA’s (1.3090/80 respectively and in attempt to form bull-cross) in order to keep bulls in play for renewed probe through 1.3158 and attack at next significant barrier – daily cloud top (1.3199).
Traders turn their focus to UK PMI data, due on Friday, which could provide fresh boost to sterling and reduce risk of BoE rate cut if releases beat forecasts.

Res: 1.3158; 1.3199; 1.3206; 1.3265
Sup: 1.3118; 1.3090; 1.3080; 1.3051



Interested in GBP/USD technicals? Check out the key levels

    1. R3 1.33
    2. R2 1.3227
    3. R1 1.3181
  1. PP 1.3108
    1. S1 1.3062
    2. S2 1.2989
    3. S3 1.2943


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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD trades above 34-month lows after US retail sales miss

EUR/USD is trading around 1.0850, above the lowest since April 2017. The US Control Group disappointed by staying flat in January. Consumer sentiment beat expectations. Germany reported a 0% growth in Q4 2019. 


GBP/USD ticks down after reshuffle-related rally

GBP/USD is trading closer to 1.30, consolidating its gains after UK PM Johnson nominated Sunak as Chancellor instead of Javid, potentially directing fiscal stimulus. Brexit concerns and coronavirus developments are in play.


US retail sales modestly higher in January, soft in the details

Consumers kept to their habits boosting purchases last month but the holiday season was slower than its initial reading giving the New Year a soft beginning.

Read more

WTI climbs to fresh two-week highs above $52

The barrel of West Texas Intermediate (WTI) fell below the $51 handle on Thursday but recovered a large portion of its losses to close the day at $51.50 on easing concerns over the impact of the coronavirus outbreak on the global energy demand. 

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors