GBP/USD Price Analysis: Bulls attack 1.3350 on Monday’s inverted hammer
GBP/USD takes the bids near 1.3350, up 0.15% on a day, during the early Tuesday’s trading. The Cable mark another U-turn from 10-day SMA the previous day. In doing so, it flashed an inverted hammer bullish candle on the daily (D1) chart. Not only the upside suggesting candle but bullish MACD and the pair’s ability to stay afloat beyond 10-day SMA also direct the GBP/USD buyers towards the November high near 1.3400.
Although the yearly top near 1.3485 will be next on the bulls’ radars after clearing the 1.3400 threshold, December 2019 peak near 1.3510 will be the key upside hurdle to watch afterward.
GBP/USD eyes retest of daily lows as US dollar picks up in pre-Asia trade
GBP/USD has moved back to the lower bounds of its intra-day range amid a renewed wave of broad USD strength, the pair currently trading around the 1.3320 mark. Still, GBP/USD managed to close Monday FX trade with gains of around 10 pips or 0.15%.
The US dollar continued its fightback right into the close of Monday FX trade, with DXY managing to cross back above the 92.00 level. Given that US equity index futures rallied in tandem with USD in recent trade, that suggests that the move was not being driven by appetite for safe havens or even anything to do with risk appetite.
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