Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable is holding within a tight range on Wednesday morning, as two-day pullback found a footstep on broken Fibo support at 1.2585, though stronger dollar and weaker than expected UK data continue to sour the sentiment.
Traders await release of US labor data (ADP report is due later today and NFP on Friday) for fresh direction signals.
Technical studies on daily chart are bullishly aligned (positive momentum / MA’s mainly in bullish setup / oversold stochastic) which points to scenario of limited correction preceding fresh push higher.
Extended dips should hold above rising 20DMA (1.2518) and should not exceed 200DMA (1.2479) to keep short-term action biased higher, with break of recent tops (also Fibo 61.8% of 1.3141/11.2037) which recently capped multiple attacks, to signal bullish continuation.
Res: 1.2631; 1.2700; 1.2719; 1.2746.
Sup: 1.2577; 1.2518; 1.2500; 1.2467.
Interested in GBP/USD technicals? Check out the key levels
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.
Recommended Content
Editors’ Picks
AUD/USD: Recovery should be limited
AUD/USD added to Monday’s advance and managed to surpass 0.6200 the figure on the back of further USD selling, while investors warmed up for US CPI data and the Australian labour market report.
EUR/USD: Focus is now of US inflation
EUR/USD traded with marked gains and managed to briefly test the area beyond the 1.0300 hurdle on Tuesday, on the back of the weaker Greenback and rising caution ahead of Wednesday’s publication of US CPI readings.
Gold prices gain ground after US PPI inflation sparks fresh rate cut hopes
Gold prices edged higher on Tuesday after data from the United States showed that prices paid by producers cooled off. This kept traders hopeful for additional monetary policy easing by the US Federal Reserve.
Ethereum: Investors stay bullish with rising open interest and over 300K ETH withdrawals
Ethereum is up 5% on Tuesday despite the increased outflows witnessed across its exchange-traded funds. Meanwhile, the top altcoin could maintain a long-term bullish outlook as investors across the derivatives and spot market are leaning toward the buy side.
Small business optimism shoots up in December
Small business sentiment continued to improve in December alongside greater economic and public policy certainty. The NFIB Small Business Optimism Index rose 3.4 points to 105.1, reaching its highest level since October 2018.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.