GBP/USD recovers back above 1.2200 handle

Haresh Menghani FXStreet

Having posted a session through near 1.2170 level, the GBP/USD pair recovered over 40-pips from lows and has now moved back above 1.2200 handle.

Currently trading around 1.2220 region, the pair's current pull-back could be categorized as profit taking bounce ahead of a weekend. In absence of any market-moving economic releases from the US, traders seemed inclined to take lighten greenback bullish bets.

On Friday, the overall US Dollar Index stormed to 8-month highs amid reviving hopes of an eventual Fed rate-hike action by the end of this year. Moreover, the prevalent cautious sentiment in equity market is also underpinned the greenback's safe-haven appeal.

From technical perspective, the pair has rebounded after breaking below a short-term ascending trend-channel and hence, the current pull-back might now be viewed as an opportunity to initiate fresh short-positions.

Technical levels to watch

Additional recovery from current levels might now confront resistance near 1.2225 area above which a fresh bout of short-covering could lift the pair immediately towards 1.2270 resistance area. On the downside, weakness below 1.2200 handle might now find support near 1.2170 level (session low), which if broken is likely to accelerate the slide immediately towards 1.2150-45 support area.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD holds steady above 1.1850 as markets eye Eurozone GDP, US CPI inflation releases

The EUR/USD pair trades on a flat note near 1.1870 during the early Asian session on Friday. The major pair steadies amid mixed signals from the latest release of US economic indicators. Traders await the preliminary reading of the Eurozone Gross Domestic Product for the fourth quarter and US inflation data, which are published later on Friday.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold: Will US CPI data trigger a range breakout?

Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.

Bitcoin, Ethereum and Ripple stay weak as bearish momentum persists

Bitcoin, Ethereum and Ripple remain under pressure, extending losses of over 5%, 6% and 4%, respectively, so far this week. BTC trades below $67,000 while ETH and XRP correct after facing rejection around key levels. With bearish momentum persisting and prices staying weak, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.