GBP/USD Technical Analysis: Cable consolidating 160-pip bull breakout below 1.3250

GBP/USD had a 160-pip bull breakout on the back of the Bank of England hawkish comments earlier in Europe, it is now consolidating below the 1.3250 level.
GBP/USD had a strong impulsive move after reaching a new 2018 low at 1.3146. Bulls’ objective is to bring the market above the 1.3250 figure in order to reach the key 1.3300 level.
On the other hand, bears will try to initially reach the 1.3214, Wednesday’s high.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

Spot rate: 1.3243
Relative change: 0.53%
High: 1.3271
Low: 1.3102

Trend: Neutral

Resistance 1: 1.3250 figure
Resistance 2: 1.3300 key support
Resistance 3: 1.3400 figure

Support 1: 1.3200-1.3214 area, figure and Wednesday’s high
Support 2: 1.3146, current 2018 low
Support 3: 1.3100 figure

Author

Flavio Tosti

Independent Analyst

EUR/USD accelerates losses, focus is on 1.1800

EUR/USD’s selling pressure is gathering pace now, opening the door to a potential test of the key 1.1800 region sooner rather than later. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and the publication of the FOMC Minutes later in the day.

GBP/USD turns negative near 1.3540

GBP/USD reverses its initial upside momentum and is now adding to previous declines, revisiting at the same time the 1.3540 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold picks pace, flirts with $5,000

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and pushing higher towards the key $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.