Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable accelerated gains on Thursday, lifted by renewed risk sentiment, following comments from Fed Powell on Wednesday, which deflated dollar on less hawkish than expected stance, while solid US data on Thursday further boosted risk appetite.
Traders eye of US ISM manufacturing PMI (Nov f/c 49.8 vs Oct 50.2) which should contribute to positive tone on release above forecast, as well as Friday’s release of the US Nov labor report.
Fresh advance pushed the price to the highest level since Aug 8 and generated bullish signal on lift above falling 200DMA (1.2153), which also indicates continuation of larger uptrend from Sep 26 spike low at 1.0348.
Bulls pressure immediate barriers at 1.2293/76 (Aug 1,10 tops which formed a lower platform), break of which would unmask key Fibo barrier at 1.2449 (Fibo 61.8% of 1.3748/1.0348).
Today’s close above broken 200DMA to confirm strong bullish stance.
Res: 1.2273; 1.2296; 1.2332; 1.2400.
Sup: 1.2153; 1.2100; 1.2048; 1.2000.
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 failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'