GBP/USD Price Analysis: Bulls about to show their commitments
The GBP/USD price has fallen into a key territory where demand might be expected.
The M-formation is a reversion pattern that tends to see the price drawn to the neckline. The price is also meeting a 78.6% Fibonacci level of the prior bullish impulse which may see a deceleration in the downside for the hours ahead. Resistance at the neckline near 1.2175 could see a rejection and a subsequent downside continuation to fully test the bull´s commitments in the 1.21s. Read more...
GBP/USD grinds near one-month high below 1.2200 ahead of UK employment, US CPI
GBP/USD prods a four-day winning streak near 1.2180, after poking the highest level in a month to 1.2199 the previous day. In doing so, the Cable pair takes a breather ahead of the key statistics from the UK and the US. Apart from the pre-data anxiety, mixed concerns surrounding UK politics and Brexit also probe the momentum traders of the pair, after witnessing the biggest daily jump in nine weeks.
That said, the quote’s previous losses could be linked to the broad-based US Dollar slump. US Dollar Index (DXY) began the week’s trading on a back foot, printing a three-day south-run while declining the most in two months on Monday. With this, the greenback’s gauge versus the six major currencies traced the US Treasury bond yields as hawkish bets on the Federal Reserve (Fed) reverberate. Read more...
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