GBP/USD
Cable maintain bullish tone on Monday and hit three-week at 1.2425 in European trading but pulled back to 1.2380 zone after rally was capped by Fibo barrier at 1.2425 (61.8% of 1.2642/1.2074).
Weak dollar and UK's manufacturing PMI in line with expectations (40.7) and well above previous month's 32.6 figure, adds to positive tone. Bullish setup of daily 10;20;30;55 DMA's and rising positive momentum, underpin the action, but rally may pause for consolidation before resuming. Broken daily Kijun-sen / 50% of 1.2642/1.2074 (1.2358) should ideally contain but dips towards daily cloud top (1.2304) cannot be ruled out. Reversal above cloud top would keep bulls in play for renewed attack at 1.2425 pivot, break of which would open way for 1.25+ gains. Caution on return and close below cloud top that would signal recovery stall.
Res: 1.2425; 1.2467; 1.2484; 1.2508
Sup: 1.2358; 1.2304; 1.2291; 1.2243
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 clings to modest gains above 1.0650 ahead of US data
EUR/USD trades modestly higher on the day above 1.0650 in the early American session on Tuesday. The upbeat PMI reports from the Eurozone and Germany support the Euro as market focus shift to US PMI data.
GBP/USD extends rebound, tests 1.2400
GBP/USD preserves its recovery momentum and trades near 1.2400 in the second half of the day on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.