GBP/USD Technical Analysis: Cable retreating from weekly highs - Rising Wedge can target 1.2957 level

GBP/USD main bear trend has been on hold since mid-August.
GBP/USD is currently pulling back after grinding higher all week. GBP/USD is evolving in a rising wedge (green lines) suggesting that any further advances might be limited for the time being. The RSI, MACD and Stochastics are showing some signs of exhaustion as well.
Targets for a pullback down can be located near 1.3050 (August 30 swing high, key level) and 1.2957 (July 19 swing low).

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.3095
Relative change: -0.09%
High: 1.3144
Low: 1.3082

Main trend: Bearish
Short-term trend: Bullish above 1.2800

Resistance 1: 1.3082-1.3100 supply/demand level and figure
Resistance 2: 1.3200 figure (key support/resistance)
Resistance 3: 1.3300 figure

Support 1: 1.3050 August 30 swing high, key level
Support 2: 1.3000 figure
Support 3: 1.2957 July 19 swing low
Support 4: 1.2937 August 22 swing high
Support 5: 1.2900 figure
Support 6: 1.2868 August 22 low
Support 7: 1.2845, August 29 low
Support 8: 1.2800 August 24 swing low

Author

Flavio Tosti

Independent Analyst

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.