GBP/USD: The bulls are in control of the medium-term range now [Video]
The near term outlook for sterling has improved considerably in the past week. On Cable, we have seen the sterling bulls turning a corrective three week downtrend, into a base pattern on a move above $1.2540. This base took on a decisive formation yesterday with another strong positive candlestick (the sixth positive close in the past seven sessions). Closing above $1.2540 implies a move now to test the resistance of the June high at $1.2810 and is a move backed by improving daily momentum. Stochastics are rising with upside potential into the 80s, whilst RSI is into the 60s this morning. Read more..
GBP/USD outlook: Extended rally focuses key barriers
Cable extends advance into fourth consecutive day and hits new three-week high on Thursday, up 1.4% since Monday.
Strong risk sentiment and optimism over EU/UK trade talks continues to boost sterling, with Wednesday’s close above 1.2598 (Fibo 61.8% of 1.2813/1.2251) generating bullish signal.
Today’s extension higher approaches strong barriers at 1.2680/87 (Fibo 76.4% / 200DMA), break of which would open way towards weekly cloud top (1.2736) and unmask 10 June peak at 1.2813. Read more...
GBP/USD Price Analysis: Clings to gains near 3-week tops, eyeing 200-DMA near 1.2700
The GBP/USD pair prolonged its recent upward trajectory and gained some follow-through traction for the fifth consecutive session on Thursday. The momentum lifted the pair to fresh three-week tops, around the 1.2670 region during the early North American session.
Bulls might now aim to challenge the very important 200-day SMA, near the 1.2700 round-figure mark. The mentioned level coincides with the 61.8% Fibonacci level of the 1.3515-1.1412 downfall, which if cleared decisively will set the stage for further appreciating move. Read more...
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