GBPUSD Analysis: Changes sentiment on Tuesday

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD was driven by slight momentum downwards on Monday that led the pair towards the 55-hour SMA circa 1.3040. This level, however, was no reached, as morning bulls reversed its direction north. Afterwards, the Sterling continued to move upwards, but with very limited gains. In case fundamental events do not change the current market sentiment, the pair is likely to edge higher and close with gains. Immediate resistance is set by the upper channel line circa 1.3120, while more significant upside barrier is the monthly R1 at 1.3177. In case the rate falls, the 55-hour SMA should support it from further depreciation. By and large, the Pound is expected to trade somewhere near the upper channel boundary on Wednesday morning.

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

1. R3 1.3135
2. R2 1.3125
3. R1 1.3117
PP 1.3107
1. S1 1.3100
2. S2 1.3089
3. S3 1.3082

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.