GBP/USD outlook: Slight optimism pushes the price in the upper side of near-term range

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable remains in green and probes again above 1.24 barrier in early Thursday’s trading, boosted by mild optimism in the market and mixed UK data which did not deteriorate in a grade that was expected.
Fresh advance moved into the upper side of the range that lasts nearly two weeks and is spanned between 1.2485 (27 Mar high) and 1.2164 (7 Apr low).
Near-term action remains underpinned by rising 10DMA which attempts to form bull-cross with 30DMA and help bulls, but daily techs are still mixed (bullish momentum started to fade, stochastic heads north and RSI is flat) and lack clearer direction signal.
On the other side, death-cross of 55/20DMA is forming and expected to increase pressure.
Fundamentals are again going to be the key driver, with death toll on COVID 19 in the UK reaching high and hopes rise that the pandemic might be peaking, with news that PM Johnson’s condition is stable that keeps the mood cautiously optimistic.
A number of key events scheduled today would also impact pound’s performance, however, stronger direction signal could be expected only on clear break of either side of current range.

Res: 1.2420; 1.2485; 1.2516; 1.2648
Sup: 1.2365; 1.2322; 1.2287; 1.2231

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

1. R3 1.2573
2. R2 1.2496
3. R1 1.2441
PP 1.2365
1. S1 1.231
2. S2 1.2233
3. S3 1.2178

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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