GBP/USD: 1.2437
Sterling lost ground in Asian trade, falling to 1.2376 as the signing of Article 50 approached, ahead of a bounce back to current levels, where it has since chopped around for the balance of the session, with no-one really quite sure what to make of it all.
A neutral stance is now required, with the momentum indicators all looking rather mixed. The dailies are flat although the 4 hour charts do suggest the chance of another run back to 1.2400 and possibly to the 1.2376 session low. Below that, minor Fibo levels lie at 1.2300 and at 1.2230, and these come ahead of the flash-crash rising trend line, currently at 1.2110. On the topside, resistance will be seen at minor levels ahead of 1.2600, although this currently looks unlikely to be seen. Stand aside and let the market do the work for a while.
| 24 Hour: Neutral | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.2615 | 27 Mar high | 1.2400 | (38.2% of 1.2108/1.2615) |
| 1.2595 | 28 Mar high | 1.2376 | Session low |
| 1.2540 | Minor | 1.2363 | (50% of 1.2108/1.2615) |
| 1.2500 | Minor | 1.2335 | 20 Mar low |
| 1.2475 | Minor | 1.2300 | (61.8% of 1.2108/1.2615) |
Interested in GBPUSD technicals? Check out the key levels
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.