Share:

GBP/USD

British pound regained traction and bounced from the lowest in over one week (1.3710), hit earlier today.

Optimistic tones from UK FinMin Sunak’s budget speech lifted sterling. Sunak announced stronger economic growth as the country emerges from coronavirus pandemic, saying that the economy was likely to grow by 6.5% in 2021, compared to a forecast of 4% growth, made in March, when the country was still in a lockdown.

Improved outlook comes from lifting restrictions on the economy and acceleration in Covid-19 vaccination, bringing the forecast close to the IMF’s estimate that British GDP will grow by 6.8% in 2021.

Daily studies show that cable is till in a dangerous zone, as the price action remains below thin but descending daily cloud, while daily indicators are heading south and warn of deeper pullback after the recent rally repeatedly failed under key 200DMA (1.3850).

Bearish scenario would require close below cracked 55DMA (1.3716) to generate initial negative signal, which would look for confirmation on extension and close below 1.3672 (Fibo 38.2% of 1.3411/1.3834 / 20DMA).
Conversely, lift and clos above 100DMA (1.3786) would ease downside risk and keep in play renewed attack at 200DMA.

Res: 1.3777; 1.3786; 1.3834; 1.3850.
Sup: 1.3716; 1.3701; 1.3672; 1.3623.

GBPUSD

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

    1. R3 1.3883
    2. R2 1.3856
    3. R1 1.381
  1. PP 1.3784
    1. S1 1.3738
    2. S2 1.3711
    3. S3 1.3666

 

Share: Feed news

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

EUR/USD holds steady below 1.0800 ahead of EU data

EUR/USD holds steady below 1.0800 ahead of EU data

EUR/USD is holding steady just shy of the 1.0800 mark in the early European morning. The US Dollar is consolidating the upside amid a cautious market tone, as investors assess Friday's US NFP blowout and hawkish Fed expectations. Eurozone data coming up next. 

EUR/USD News

GBP/USD defends gains near 1.2050 amid renewed Brexit optimism

GBP/USD defends gains near 1.2050 amid renewed Brexit optimism

GBP/USD is defending minor bids near 1.2050 in the European session. The Cable finds support from the renewed Brexit optimism, despite a broadly firmer US Dollar. EU said that they have reached a breakthrough on trade reported in NI protocol talks. 

GBP/USD News

Gold bulls need validation from $1,905

Gold bulls need validation from $1,905

Gold price rebounds from monthly low, grinding higher around intraday tops surrounding $1,878 heading into Monday’s European session. In doing so, the yellow metal snaps a two-day downtrend amid the sluggish US Dollar.

Gold News

Is this the beginning of the end for crypto bulls?

Is this the beginning of the end for crypto bulls?

Bitcoin is the glue that is holding this 2023 bull run intact for Ethereum, Ripple and other altcoins. But chinks in BTC bulls’ armor are beginning to show, therefore, investors need to be cautious of a sudden reversal. 

Read more

The Week Ahead - RBA rate meeting, UK Q4 GDP and earnings

The Week Ahead - RBA rate meeting, UK Q4 GDP and earnings

Back in November the RBA hiked rates by a less than expected 25bps, amidst concern about the effects recent rate hikes were having on the Australian economy and ergo the housing market. 

Read more

Majors

Cryptocurrencies

Signatures