Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable enters the US session on Monday in red after short-lived rally, inspired by renewed risk mode, pushed the price to a ten-day high in early European trading.
The price remains within the range which extends into sixth consecutive day, defining near-term price action as directionless, capped by daily Kijun-sen and supported by daily Tenkan-sen, after the action repeatedly failed to register a clear break on either side.
Strong negative momentum on daily chart and falling daily cloud weighing on the action, keeps the overall picture negative, but break of either pivot (daily Tenkan-sen/Kijun-sen) is required to generate initial direction signal.
The upside break would expose targets at 1.2386/1.2405 (Fibo 61.8% of 1.2666/1.1933/June 16 recovery peak) and unmask more significant daily cloud base (1.2481) and Fibo 76.4% retracement (1.2493).
Loss of daily Tenkan-sen support (1.2193) would risk drop to 1.2114 /1.2045 (Fibo 61.8% / 76.4% of 1.1933/1.2406 respectively) and open way for renewed probe through psychological 1.20 support.
Res: 1.2300; 1.2332; 1.2360; 1.2406.
Sup: 1.2253; 1.2193; 1.2160; 1.2114.
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 holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.