GBP/USD: remains solid around the 1.23 handle and in recovery

Ross J Burland FXStreet

Currently, GBP/USD is trading at 1.2299, up 0.01% on the day, having posted a daily high at 1.2306 and low at 1.2292.

The dollar has been on the backfoot and has enabled a recovery in the pound back to the 1.23 handle. The daa n the US is soft and this is keeping the idea of a Fed hike on the back burner. Atthe same time, UK data showed that CPI was rising from 1.3% to 1.5% (vs 1.4%b expected). We have UK jobs tomorrow as the main event ahead of US housing starts and permits that analysts at Westpac suggested should continue their volatile patterns but the uptrend remains intact.FOMC member Williams will speak in New Jersey.

GBP/USD levels

Current price is 1.2300, with resistance ahead at 1.2306 (Daily High), 1.2327 (Yesterday's High), 1.2392 (Weekly Classic R1), 1.2596 (Daily 20 SMA) and 1.2598 (Weekly Classic R2). Further out, analysts at Commerzbank explained we have a resistance line at 1.2947 and will consider that the market remains directly offered below the 1.3056 late September high. Below 1.1938 we would target the 1.0463 1985 low. Meanwhile, Next support to the downside can be found at 1.2297 (Daily Open), 1.2295 (Hourly 200 SMA), 1.2292 (Daily Low), 1.2281 (Daily Classic R3) and 1.2275 (Hourly 20 EMA).

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.