GBP/USD analysis: Breaks 1.3800 level
The GBP/USD currency exchange rate managed to pass the resistance of the 1.3800 level. It resulted in a sharp surge, which stopped, as it approached the 1.3850 mark. Afterwards, the GBP consolidated its gains against the US Dollar by retracing down. On Friday morning, the decline found support in the weekly R1 simple pivot point at 1.3826.
If the pair resumes its surge, it could aim at the resistance cluster that surround the 1.3880 level. The zone consists of the mid-August high levels and the weekly R2 simple pivot point. However, note that the pair would have to first pass the 1.3850 level. Read more...
GBP/USD outlook: Bulls hold grip ahead of US jobs data
Cable is consolidating round pivotal Fibo barrier at 1.3837 in European trading on Friday, following Thursday’s 0.46% advance and awaiting US labor data for fresh signal.
Near-term structure firmed after Thursday’s lift above three-day congestion and close above converged 30/55/200DMA’s, but bulls need clear break above 1.3837 pivot to resume towards targets at 1.3893/1.3920 (Fibo 76.4% of 1.3893/1.3920/100DMA). Read more...
GBP/USD Forecast: Sterling finally shines, Nonfarm Payrolls could knock it back down
Better late than never – that is what pound bulls have been thinking. GBP/USD has finally staged a convincing break above the tough 1.3785 line and the 1.38 round number. It owes to dollar weakness rather than sterling strength.
The greenback suffered three blows of weak data points on Tuesday and on Wednesday. Leading indicators toward Friday's Nonfarm Payrolls – from consumer confidence through ADP's labor figures and to the ISM's manufacturing employment component – have all lowered Nonfarm Payrolls expectations. The dollar dropped in response and later extended its decline. Read more...
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