Cable edges lower on Friday, maintaining bearish bias for the third consecutive day after brief recovery was capped by thin daily cloud and falling 10DMA that keeps bear-leg from 1.2642 high intact. Pound is weighed by talks about negative interest rates, with weaker than expected UK retail sales data today, adding to negative outlook. Bears focus key supports at 1.2074 (18 May low) and 1.2028 (50% retracement of 1.1409/1.2647), with break here to signal bearish continuation. Negative daily momentum studies and south-heading RSI / stochastic, support scenario. Descending 10DMA tracks bears since 6 May and marks solid resistance at 1.2223, reinforced by the base of thin daily cloud.

Res: 1.2191; 1.2223; 1.2249; 1.2287
Sup: 1.2162; 1.2100; 1.2083; 1.2074



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

    1. R3 1.2317
    2. R2 1.2283
    3. R1 1.2253
  1. PP 1.2219
    1. S1 1.2189
    2. S2 1.2156
    3. S3 1.2125


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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD moves closer to 1.1100 amid upbeat market mood

EUR/USD is trading well above 1.1050, hitting new 8-week highs. US data was mixed with a ray of light coming from continuing claims. Hopes about the EU Fund and reopenings trump Sino-American relations.


AUD/USD retreats ahead of the close as US equities turn red

After spending most of the day within positive levels, US indexes turned south ahead of the close, dragging the Aussie alongside. AUD/USD still up for the day in the 0.6630 price zone.


Goldman Sachs puts Bitcoin on par with Gold

One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”

Read more

Gold: Limited gains below the $1730/oz level for XAU/USD

After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level.

Gold News

WTI oil prices rally on gasoline demand and hopes of output cuts’ extension

WTI crude oil prices have appreciated more than 5% on Thursday to reach $34 and approach two-month highs. Investors' optimism about an increase of gasoline demand and speculation of an OPEC+ deal to extend output cuts are driving crude prices higher.

Oil News

Forex Majors