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
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.
Recommended Content
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.