GBPUSD Outlook: Regains traction after strong downside rejection; upbeat retail sales to spark further recovery

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable regained traction and rose above 1.34 handle on Thursday, signaling further recovery after pullback from 1.3472 faced strong rejection at 1.3307 on Wednesday as near-term bears off 1.3472 showed strong indecision on double-long-legged Dojis on Tue/Wed. Momentum remains strong and underpins recovery which moved above 20SMA (currently at 1.3365) after downside attempts repeatedly failed to close below it. Overall setup on daily chart is bullish and supportive for further recovery. UK retail sales could be a trigger if May's figure beats forecast at 0.5%. Extension through 30SMA (1.3420) would expose Monday's high (1.3441) and could challenge key barrier at 1.3472 (07 June high) in bullish scenario. Conversely, return below 20SMA would be initial negative signal which requires daily close below to risk further weakness.

Res: 1.3420; 1.3441; 1.3472; 1.3500
Sup: 1.3366; 1.3342; 1.3307; 1.3267

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.349
2. R2 1.344
3. R1 1.3408
PP 1.3358
1. S1 1.3326
2. S2 1.3276
3. S3 1.3243

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 eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD: Pound Sterling ticks up against US Dollar in countdown to US NFP

The Pound Sterling trades marginally higher to near 1.3365 against the US Dollar during the Asian trading session on Friday. The GBP/USD pair edges up as the US Dollar ticks down ahead of the United States Nonfarm Payrolls data for February, which will be published at 13:30 GMT.

Gold awaits US Nonfarm Payrolls for a clear directional impetus

Gold rebounds above $5,100 early Friday after testing the $5,050 level amid global sell-off. The US Dollar pulls back as profit-taking creeps in ahead of US labor data. For February. 21-day SMA holds amid bullish RSI; a daily closing above 61.8% Fibo is critical for Gold buyers.

Top Crypto Gainers: Lombard, Humanity Protocol, OKB rally on US Fed’s tokenized securities clarity, NYSE investment

Lombard, Humanity Protocol, and OKB rally over the last 24 hours, securing the top-gainer spots in the early Asian session. The US Federal Reserve issued clarity on tokenized securities, which expands its utility and reduces regulatory friction with US banks, driving the Real-World Assets tokenization crypto projects.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.