GBP/USD extends recovery and prints fresh highs at 1.3935

  • DXY failed to hold to gains, boosting recovery in GBP/USD.
  • Cable flat for the day, back above the 20-day SMA, suggesting no clear bias.

The GBP/USD erased losses on Tuesday and is hovering around 1.3915/20 around the same level is closed on Monday. The chart shows no clear direction as US dollar strength lost momentum amid lower US yields and a recovery in Wall Street.

The Dow Jones is falling by 0.35% and the Nasdaq 0.95%, far from the bottom it reached on the futures market but off highs. The US 10-year yield is moving sideways between 1.41% and 1.44%.

From the bottom to a doji

Cable bottomed on European hours at 1.3858, the lowest level since February 18. Later, as markets across the world moved off lows, GBP/USD rose back above 1.3900. Recently reach 1.3934 and then pulled back modestly.

 A daily close around the current level would end up in a doji candle that would suggest some consolidation ahead. If it ends under 1.3850, more losses seem likely.

For the next hours, the immediate support stands at 1.3900, followed by 1.3865. On the upside, resistance might be seen at 1.3935 and then 1.3975.

Technical levels


Today last price 1.392
Today Daily Change -0.0002
Today Daily Change % -0.01
Today daily open 1.3922
Daily SMA20 1.388
Daily SMA50 1.3719
Daily SMA100 1.3465
Daily SMA200 1.3138
Previous Daily High 1.3999
Previous Daily Low 1.3904
Previous Weekly High 1.4243
Previous Weekly Low 1.389
Previous Monthly High 1.4243
Previous Monthly Low 1.3566
Daily Fibonacci 38.2% 1.3941
Daily Fibonacci 61.8% 1.3963
Daily Pivot Point S1 1.3884
Daily Pivot Point S2 1.3846
Daily Pivot Point S3 1.3789
Daily Pivot Point R1 1.3979
Daily Pivot Point R2 1.4037
Daily Pivot Point R3 1.4075



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