GBPUSD: 1.2959
Sterling jumped to a high of 1.3033 after the fix although that did not last long and it quickly fell back below 1.3000 and is finishing the US session towards the lows, at 1.2965.
The momentum indicators are mixed on Wednesday, possibly with a mildly negative tone, and back below the session low of 1.2952 would open the way towards 1.2935 ahead of stronger support in the band between 1.2890/1.2910, below which could return to the distant 16 May low of 1.2865.
Back above 1.3000 would find strong resistance in the 1.3035/45 area, capped by last Thursday’s, 8-month high of 1.3047, but above which could run towards strong offers at 1.3075, and then further out, towards the long descending term trend resistance at around 1.3120. A break of this looks important and could lead to a quick run towards 1.3270 although that remains to be seen.
A neutral stance is required today although I mildly prefer to trade from the short side, looking to sell rallies above 1.3000, with a SL placed above 1.3050.
24 Hour: Neutral – Prefer to sell rallies | Medium Term: Neutral | ||
Resistance | Support | ||
1.3120 | Descending trend resistance | 1.2952 | Session low |
1.3075 | (23.6% of 1.7191/1.1821) | 1.2935 | 200 HMA |
1.3047 | 18 May high | 1.2914 | 19 May low |
1.3033 | Session high | 1.2900 | Minor |
1.3000 | Pivot | 1.2888 | 18 May low |
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.