GBP/USD: Cable needs a close above 1.3000 to turn bullish now [Video]
Cable has been trending lower for nearly four weeks now. This trend has formed lower highs and lower lows, and turned a bullish medium term outlook into a neutral one. As there has been an early tick higher this morning, we see that this downtrend is being tested and is close to being broken. This is coming as the selling pressure has just paused in recent sessions and Cable has formed a number of consecutive neutral to slightly positive candles. However, consolidation breaking a downtrend is not bullish, it is just questioning the pace of the corrective move. There is a pivot around 1.2860 which needs to be broken for an improving outlook to take hold. Momentum indicators are still in their corrective configuration and suggest that near term rallies are still going to struggle. Read More...
GBP/USD analysis: Could go upwards
At the end of last week, the GBP/USD exchange rate reversed north from the lower line of the medium-term descending channel.
From a theoretical point of view, it is likely some upside potential could prevail in the market, as the currency pair should target the upper channel line located circa 1.2950.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the 55– and 100-hour moving averages located near 1.2750. Read More...
GBP/USD Analysis: Short-covering kicks in ahead of Brexit talks on Tuesday
The GBP/USD pair caught some fresh bids on the first day of a new trading week and spiked to four-day tops, around mid-1.2800s during the early European session. The British pound got a lift after both, the UK and the EU made key concessions to avoid no-deal Brexit. The latest round of discussions are set to begin on Tuesday and reports indicate that negotiators will begin the process to finalise a deal by the end of this week. This would mean that a final agreement would be in place just after the next EU summit in Brussels in mid-October.
On the other hand, the US dollar witnessed some profit-taking amid a goodish recovery in the global risk sentiment. Adding to this, concerns that the lack of any additional fiscal stimulus could halt the current US economic recovery and the political uncertainty in the run-up to the US Presidential election in November further undermined the greenback and provided an additional lift to the major. Hence, the key focus will be on the first US presidential debate on Tuesday. Read More...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.