GBP/USD technical analysis: Buyers rely on short-term ascending triangle

GBP/USD inches closer to the one-week-old rising support line.
“Double top” formation around 1.2988/90 caps immediate upside.

Anil Panchal FXStreet

The GB/USD pair’s pullback from last week's “double tops” seems to have little downside as a week old rising trend line stands tall to challenge sellers. The pair declines to 1.2894 by the press time that precedes the London open on Monday.

While seeing together, a short-term symmetrical triangle between 1.2867 and 1.2990 is likely the key for the pair traders with the falling level of 14-bar Relative Strength Index (RSI) also favoring a bounce from near-term key support line.

Should prices fail to bounce off 1.2867, 1.2700 and mid-month bottoms close to 1.2515 will gain sellers’ attention.

On the upside, 1.3000 can validate the pair’s run-up beyond 1.2990.

In doing so, May month high close to 1.3180 could lure bulls.

GBP/USD hourly chart

Trend: bullish

additional important levels

Overview
Today last price	1.2894
Today Daily Change	-80 pips
Today Daily Change %	-0.62%
Today daily open	1.2974

Trends
Daily SMA20	1.2467
Daily SMA50	1.2341
Daily SMA100	1.2422
Daily SMA200	1.2716

Levels
Previous Daily High	1.2988
Previous Daily Low	1.2839
Previous Weekly High	1.299
Previous Weekly Low	1.2515
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2931
Daily Fibonacci 61.8%	1.2896
Daily Pivot Point S1	1.2879
Daily Pivot Point S2	1.2784
Daily Pivot Point S3	1.273
Daily Pivot Point R1	1.3029
Daily Pivot Point R2	1.3083
Daily Pivot Point R3	1.3178

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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.