GBPUSD looking neutral in the short-term

XM Investment Research Team XM

GBPUSD is up from the day’s open. Should it finish the day higher it will mark the third straight day of gains for the pair.

The RSI indicator is currently close to the 50 neutral level at 52. It’s been hovering in this area throughout the last number of days of relatively low intra-day volatility for the pair.

The middle Bollinger line (a 20-day moving average) comes into view as immediate resistance to upside moves. Should this level be breached, the upper Bollinger band, currently at 1.2614, is likely to act as resistance as well (note that this is close to 1.26, a key level in the past). A successful break above the upper band would shift focus to the February 2 ten-week high of 1.2705 as another resistance mark.

On the downside, the 50-day moving average (MA) and lower Bollinger band coinciding at 1.2397 are expected to provide support. Should they be challenged and fail to hold, the congested area around 1.2285 would be eyed as another support area.

As regards the medium-term picture, it looks neutral to bearish as the price is on the one hand above the 50-day MA, but far below the 200-day one.

Overall, the near-term outlook looks neutral and the medium-term bearish to neutral.

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

1. R3 1.2483
2. R2 1.2463
3. R1 1.2447
PP 1.2427
1. S1 1.2411
2. S2 1.2391
3. S3 1.2375

Author

XM Investment Research Team

Manned by a powerful team of professionals, along with certified forex instructors, the XM Research and Education Center provides a full range of up-to-date marketing tools essential for profitable trading, including market analys

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.