- GBP/USD picks up towards refreshing the highest levels since April 2018.
- Sustained trading beyond the key horizontal area, ascending trend line amid bullish MACD favor buyers.
- The 1.4000 threshold, early-month top guards immediate downside.
GBP/USD remains on the front foot for the seventh consecutive week, currently up 0.10% intraday to 1.4075, during Tuesday’s Asian session. In doing so, the bulls attack the highest levels since April 2018, flashed the previous day, ahead of the UK employment report for January.
While the forecasts suggest improvement in the UK jobs report, any disappointment can’t be ruled out as this includes the lockdown period.
It’s worth mentioning that the cable bulls have gained a pass to the 2018 top ever since they crossed a horizontal area comprising multiple highs marked since May 2018.
Also adding to the upside momentum could be the bullish MACD and an upward sloping trend line from March 2020.
Hence, the GBP/USD has fewer hurdles to the north, barring the February 2018 peak near 1.4150, before the quote attack three-year top near 1.4375.
Meanwhile, pullback moves can eye the 1.4000 threshold but January tops near 1.3750 can challenge the GBP/USD sellers.
Even if the sterling bears manage to conquer the 1.3750 support, they will have a tough time before clearing the key support near 1.3550 and the started horizontal zone near 1.3490-1.3515.
GBP/USD weekly chart
Trend: Bullish
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 stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.