- GBP/USD holds lower ground near important support confluence.
- RSI conditions suggest further declines, 100-SMA adds to the downside filters.
- Bulls need to cross weekly resistance line for fresh entries.
GBP/USD remains pressured around 1.4115 amid Thursday’s Asian session. The dropped the previous day but is yet to conquer the 1.4115 support convergence comprising a monthly rising trend line and the weekly support line.
Although bearish MACD signals break of the 1.4115 immediate support, the 1.4100 threshold and 100-SMA around 1.4085 could test the GBP/USD bears afterward.
If at all the sellers keep reins past 1.4085, the return of 1.4000 psychological magnet, portrayed by a three-week-old horizontal line, can’t be ruled out.
On the flip side, the corrective pullback can have multiple hurdles around 1.4150 before the GBP/USD buyers could attack a short-term resistance line close to 1.4200.
It should, however, be noted that sustained trading beyond 1.4200 will help the cable buyers to refresh the monthly top surrounding 1.4235 while targeting February’s peak near 1.4245.
Overall, GBP/USD traders inside a short-term symmetrical triangle and is likely to extend the sideways grind.
GBP/USD four-hour chart
Trend: Corrective pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.