GBP/USD bulls retain footing despite pullback
GBPUSD managed to calm bearish forces around the 20-day simple moving average (SMA) once again following the latest rejection from the 1.3700 level, hinting that bullish appetite has not fully faded yet. In the near-term, the consolidation phase may continue as the RSI and the MACD keep lacking direction, with the former sidelining above its 50 neutral mark and the latter hovering around its red signal line. The red Tenkan-sen also remains trendless above the blue Kijun-sen line, suggesting an indecisive market. Read more...
GBP/USD Outlook: Move beyond 1.3700 needed for any further bullish extension
The GBP/USD pair extended the previous session's retracement slide from multi-year tops and witnessed some selling through the first half of the trading action on Monday. Investors remain concerned about the potential economic fallout from the continuous surge in the number of new COVID-19 cases. This was evident from a cautious mood around the equity markets, which benefitted the safe-haven US dollar and was seen as a key factor exerting pressure on the major for the second consecutive session. The British pound was further pressured by weekend news related to more travel restrictions in the UK. Read more...
GBP/USD Price Analysis: Bulls gathering pace for further upside
GBP/USD is setting the stage to extend Monday’s recovery, with the near-term technical setup favoring the bulls. On the hourly chart, the cable has entered a phase of consolidation around 1.3600. The bulls have managed to defend the 200-hourly moving average (HMA) support at 1.3598, keeping the prospects of further upside in place.
Also, a bullish crossover is confirmed on the said time frame, with the 21-HMA having pierced the 50-HMA from above. The bull cross also adds credence to a likely move higher. Read more...
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