GBP/USD

Cable is trading within a narrow range in early Wednesday after hitting new 2021 low (1.3342) on Tuesday but failing to sustain break below previous low of Nov 12 (1.3353).

Overall structure remains bearish but long tail of Tuesday’s candle, accompanied with fading negative momentum and oversold stochastic on daily chart, suggest that bears may take a breather before larger downtrend resumes.

Initial resistance lays at 1.3420 (converged 5/10DMA, attempting to form a bear-cross) with extended upticks expected to remain below 1.3500 zone (Nov 18 lower top / falling 20DMA) to keep bears in play for extension towards 1.3288 (100WMA) and more significant support at 1.3164 (Fibo 38.2% of 1.1409/1.4249/200WMA).

Caution on firm break of 1.3500 zone that would confirm a double bottom and generate reversal signal.

Traders focus on release of US data (weekly jobless claims; Q3 GDP estimation; durable goods orders and FOMC minutes) which would provide some signals, but also consider a lower volume on Thursday as the US will be shut for a Thanksgiving Day.

Res: 1.3400; 1.3420; 1.3454; 1.3513.
Sup: 1.3342; 1.3288; 1.3200; 1.3164.

GBPUSD

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

    1. R3 1.348
    2. R2 1.3445
    3. R1 1.3412
  1. PP 1.3378
    1. S1 1.3346
    2. S2 1.3311
    3. S3 1.3279

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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD eases towards 1.1300 as yields pause south-run

EUR/USD is easing towards 1.1300, having faced rejection just shy of 1.1350. The recovery in the risk sentiment pauses the Treasury yields’ south-run, underpinning the US dollar. Fedspeak, US Jobless Claims, Omicron updates in focus ahead of Friday’s US NFP.

EUR/USD News

GBP/USD drops back below 1.3300 as USD rebounds

GBP/USD is trading below 1.3300, paring back gains amid resurgent US dollar demand. The greenback rebounds with yields on Fed’s hawkish view. Concerns over the Omicron covid variant and Brexit issues continue to limit the pair’s upside. US data awaited amid a light UK docket.

GBP/USD News

Gold struggles near one-month low, around $1,770 region

The Fed's hawkish outlook prompted fresh selling around gold on Thursday. A stronger USD offset Omicron fears and further weighed on the commodity. The technical set-up supports prospects for a slide to November swing low.

Gold News

SOL price to provide another buy opportunity before SOL tags $250

A brief technical and on-chain analysis on Solana price. Here, FXStreet's analysts evaluate how SOL could be bound for a brief correction.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Majors

Cryptocurrencies

Signatures