GBP/USD
Cable extends advance into fourth consecutive day and hits new three-week high on Thursday, up 1.4% since Monday.
Strong risk sentiment and optimism over EU/UK trade talks continues to boost sterling, with Wednesday’s close above 1.2598 (Fibo 61.8% of 1.2813/1.2251) generating bullish signal.
Today’s extension higher approaches strong barriers at 1.2680/87 (Fibo 76.4% / 200DMA), break of which would open way towards weekly cloud top (1.2736) and unmask 10 June peak at 1.2813.
Rising bullish momentum on daily chart supports the advance, but overbought stochastic warns that bulls may take a breather and consolidate before resuming through 200DMA.
Dip-buying above 1.2606/1.2598 (broken 55WMA / Fibo 61.8%) is seen as favored scenario, with weekly close above these levels needed to confirm strong bullish stance.
Res: 1.2666; 1.2687; 1.2736; 1.2753
Sup: 1.2625; 1.2598; 1.2556; 1.2532
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 eases toward 0.6500 after mixed Australian trade data
AUD/USD is seeing some fresh selling interest in the Asian session on Thursday, following the release of mixed Australian trade data. The pair has stalled its recovery mode, as the US Dollar attempts a bounce after the Fed-led sell-off.
USD/JPY holds rebound near 156.00 after probable Japan's intervention-led crash
USD/JPY consolidates the rebound near 156.00, having lost nearly 450 pips in some minutes after the Japanese Yen rallied hard on another suspected Japan FX market intervention in the late American session on Wednesday.
Gold price stalls rebound below $2,330 as US Dollar recovers
Gold price is holding the rebound below $2,330 in Asian trading on Thursday, as the US Dollar recovers in sync with the USD/JPY pair and the US Treasury bond yields, in the aftermath of the Fed decision and the likely Japanese FX intervention.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.