GBP/USD
Cable edged higher on Friday on fresh optimism over Brexit, pausing after Thursday’s 0.5% drop, but near-term risk remains for deeper correction before bulls regain control.
Wednesday’s massive advance stalled at key Fibo barrier at 1.3173 and profit-taking pushed the pair lower.
More positive tones coming from Brexit talks, keep the larger picture positive, with current pullback seen as positioning for fresh attempt through 1.3173 pivot, break of which would open way for extension towards 1.33 zone initially.
Extended dips should find ground at/above pivotal supports at 1.3017/00 (55DMA / psychological support) to keep bulls intact.
The pair is set for weekly gain and formation of bullish engulfing pattern on weekly chart, which would add to positive signals.
Caution on magnetic narrowing daily cloud which will twist next week and fading bullish momentum on daily chart, which keep the downside vulnerable, with loss of 1.3017/00 pivots to put bulls on hold and risk further easing.
Res: 1.3078; 1.3122; 1.3152; 1.3177
Sup: 1.3036; 1.3017; 1.3000; 1.2960
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
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.