• Weaker US dollar and a EUR/GBP gives cable a boost.
  • GBP/USD rebounds at 1.3480 and climbs to fresh highs.
  • A positive tone across fanatical markets also helps the upside.

The GBP/USD rebounded at 1.3480 and rose to 1.3521, reaching a new monthly high. It remains near the top, still unable to confirm levels above 1.3515/20 but with the bullish momentum intact.

The decline of EUR/GBP to the 0.8380 zone (2021 lows) is helping the overall tone of the pound that is also being favored by higher equity prices. In Wall Street, the Dow Jones gains 0.16% and the Nasdaq 0.53%.

Higher US yields are not helping significantly the greenback on Thursday. US economic data came in above expectations with Initial Jobless Claims falling under 200K and the December Chicago PMI at 63.1 against expectations of 62. The DXY was unable to benefit from those figures.

If GBP/USD manages to break and holds above 1.3520 it would gain more strength. The next strong resistance could be seen at 1.3560. On the flip side, 1.3445 is the area of immediate support, followed by 1.3400.

The pound is on its way to the second weekly gain in a row, as it continues to recover from levels under 1.3200. The 20-week simple moving average awaits at 1.3555.

Technical levels

GBP/USD

Overview
Today last price 1.3511
Today Daily Change 0.0026
Today Daily Change % 0.19
Today daily open 1.3485
 
Trends
Daily SMA20 1.3302
Daily SMA50 1.3431
Daily SMA100 1.3573
Daily SMA200 1.3749
 
Levels
Previous Daily High 1.35
Previous Daily Low 1.3409
Previous Weekly High 1.3438
Previous Weekly Low 1.3174
Previous Monthly High 1.3698
Previous Monthly Low 1.3194
Daily Fibonacci 38.2% 1.3465
Daily Fibonacci 61.8% 1.3443
Daily Pivot Point S1 1.3429
Daily Pivot Point S2 1.3373
Daily Pivot Point S3 1.3338
Daily Pivot Point R1 1.352
Daily Pivot Point R2 1.3555
Daily Pivot Point R3 1.3611

 

 

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