GBPUSD – Bulls are taking a break but focus remains at the upside

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable is holding within narrow consolidation in early Friday's trading after strong rally in past two days which peaked at 1.3464. Thursday's long-legged daily candle suggests bulls might be running out of steam, but overall structure remains firm. Consolidation is expected to hold above 10SMA (1.3412) to keep bullish bias intact for fresh upside towards 1.3500+. Conversely, loss of 10 SMA handle would weaken near-term structure with extension below rising 20SMA (1.3380) to signal reversal.

Res: 1.3447; 1.3464; 1.3491; 1.3520
Sup: 1.3412; 1.3380; 1.3364; 1.3305

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3541
2. R2 1.3504
3. R1 1.3467
PP 1.343
1. S1 1.3393
2. S2 1.3355
3. S3 1.3318

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.