GBP/USD: Technical bullish picture shows resistance at 1.2590

FXStreet Team FXStreet

GBP/USD trades just above 1.2550, up 0.08% on a day, as Wednesday's 4-hour chart is painting a bullish picture as the cable is above all its moving average and enjoying upside momentum, FXStreet’s analyst Yohay Elam informs.

Key quotes

“GBP/USD has broken above a downtrend support line that capped it since late June and is trading above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart. It is also benefiting from upside momentum. The Relative Strength Index is nearing 70 – indicating overbought conditions. Another move higher and the RSI may play against the cable.”

“Resistance awaits at the recent peak of 1.2590. It is followed by 1.2680, which was a high point in mid-June.”

“Looking down, support is at 1.2525, a temporary peak from early in the month. It is followed by 1.2460, the weekly low, and then by 1.24, a round level that also held GBP/USD down last week.”

Author

FXStreet Team

FXStreet

EUR/USD: Bears retain control below 1.1780-1.1770 confluence breakpoint

The EUR/USD pair remains on the back foot through the Asian session on Friday and currently trades just above mid-1.1700s, well within striking distance of a nearly one-month low set the previous day.

GBP/USD seems vulnerable near one-month low as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

Gold sticks to recent gains around the $5,000-mark early Friday, biding time before the high-impact US macro events. The focus is now on the US fourth-quarter Gross Domestic Product, core Personal Consumption Expenditures Price Index and the Supreme Court’s ruling on President Donald Trump’s tariffs.

Bitcoin, Ethereum and Ripple remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.