GBP/USD: Could Cable trade consistently in the 1.27 area? [Video]
The near term importance of holding on to the neckline of the small base pattern at $1.2540 is key as it maintains the prospect of a continued recovery on Cable. An uptrend formation of the past two weeks is also holding. It means that this near term recovery is now testing the resistance of a much bigger, seven month downtrend on Cable, which comes in at $1.2690 today. A strong start to Monday’s trading is now building on the strengthening of momentum now, with RSI into the low 60s, MACD lines finding positive traction from a bull cross at neutral. There is a confluence of resistance overhead though, with an old rebound high at $1.2685 to overcome too. Read More...
GBP/USD bullish but sellers wait at 1.2707
The GBP/USD is where sellers could be. At this point the price is bullish but watch for M H4 rejection if the price gets closer.
ATR high and M H4 are making a confluence. We can also see historical sellers from the zone 1.2700-10 and if the price drops that will be considered a retracement in the uptrend. Targets are 1.2640 and 1.2563. Only a break and 4h/daily close above 1.2710 could be considered a continuation sign with the targets at 1.2736 and 1.2833. Read More...
GBP/USD Analysis: 1.2665-70 has emerged as a strong barrier ahead of 200-DMA
The GBP/USD pair struggled to capitalize on its intraday uptick and for the third straight session on Monday, witnessed a modest pullback from the 1.2665-70 supply zone. The pair drifted into the negative territory and refreshed daily lows during the early European session. The intraday price action was exclusively sponsored by a modest US dollar rebound from lows, though the pair lacked any firm directional bias and remained well within the previous session's trading range.
The USD remained on the defensive through the first half of the trading action on Monday and was pressured by firming expectations that the worst of the coronavirus pandemic was probably over. Moreover, the incoming positive economic data has been fueling hopes of a sharp V-shaped global economic recovery. The optimism was evident from a positive tone across the global equity markets, which undermined the greenback's safe-haven status and provided an early lift to the pair. Read More...
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