GBP/USD
Cable extends a steep fall into third straight day and hit a four-week low (1.3661) on Monday. Strong risk aversion in the market lifts the dollar and depresses stocks, keeping the pound under increased pressure.
Bears extended below 1.3700 handle but faced headwinds on approach to pivotal Fibo support at 1.3647 (38.2% of 1.2675/1.4249 ascend) and also from rising thick weekly cloud (cloud top lays at 1.3698).
Daily techs in full bearish configuration support the action but oversold stochastic suggests that bears may take a breather before firmly breaking through 1.3698/1.3647 pivots.
Broken daily Kijun-sen (1.3757) marks solid resistance which should limit upticks and keep bears in play for attack at 1.3601 (Aug 20 low) and 1.3571 (July 20 low).
Res: 1.3723; 1.3747; 1.3757; 1.3787.
Sup: 1.3661; 1.3647; 1.3601; 1.3571.
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 drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.