GBP/USD outlook: Cable stands at the front foot ahead of US jobs data

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable is standing at the front foot in European trading on Friday after Thursday's action ended in Doji candle and signaling that four-day fall might be running out of steam. The lower 20-d Bollinger band contained fall and fresh upside attempts eye pivotal barriers at 1.2414 (30DMA) and 1.2436 (converged 10/20/55DMA's). Firm break here is needed to sideline bears and allow for further recovery. Momentum on daily chart is rising towards the centerlines and stochastic emerged from oversold territory, supporting the notion, as daily cloud continues to underpin. The pair is holding within larger range, defined by 1.2174 (range low / Fibo 38.2% of 1.1409/1.2647) and 1.2647 (200DMA / highs of 14 and 30Apr) and break of either side is needed to generate fresh direction signal.

Res: 1.2414; 1.2434; 1.2484; 1.2500
Sup: 1.2352; 1.2335; 1.2309; 1.2265

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

1. R3 1.2587
2. R2 1.2503
3. R1 1.2435
PP 1.2351
1. S1 1.2283
2. S2 1.2199
3. S3 1.2131

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.