GBPUSD – Extended bulls may take a breather under strong Fibo barrier at 1.3266

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable met its target and strong barrier at 1.3266 (Fibo 38.2% of 1.3655/1.3026 descend) on Thursday as recovery rally from 1.3026 low extends into fourth straight day. Softer dollar on Fed's divided view on inflation helped pound but bulls face headwinds at 1.3266 pivot and the pair may stay some time in consolidation before fresh attempts higher. Broken 10SMA which now acts as initial support at 1.3214 and top of thick daily cloud at 1.3200 are expected to contain dips. Otherwise, stronger bearish signals could be expected on sustained break below 1.3200/1.3175 supports.

Res: 1.3266; 1.3318; 1.3341; 1.3400
Sup: 1.3225; 1.3214; 1.3200; 1.3175

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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.