GBP/USD consolidates above 1.2500

Matías Salord FXStreet

GBP/USD reached a fresh 3-week high at 1.2530 during the America session, but it failed to extend gains in a significant way above 1.2500. The pair is consolidating gains, hovering around 1.2515, moving in a modest range as volatility across the forex market remains low.

The pound today was among the top performers supported by better-than-expected reports of the UK retail sales sector. No economic report is due tomorrow in the UK. In the US, attention is on the health care vote. On Friday, the durables goods orders and the PMI reports will be released.

UK retail sales rebound sharply in Feb, a big beat

Technical outlook

“The pair maintains its positive tone, although the intraday advance stalled a few pips below a major resistance, the 23.6% retracement of the January's rally at 1.2540, now the level to surpass to confirm additional gains”, said Valeria Bednarik, Chief Analyst at FXStreet.

According to her, the 4-hour chart shows the price well above a bullish 20-SMA, but technical indicators are retreating from overbought levels, “reaffirming the case for the need of a bullish breakout of the mentioned Fibonacci resistance before considering going long.”

GBP/USD headed to congestion resistance at February/March range trade at 1.2580? - Scotiabank

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.