GBP/USD: Outlook on Cable remains as choppy as ever [Video]
The outlook on Cable remains as choppy as ever. A recent three week trend lower has now been broken as the market has rebounded from the $1.2840 low last week. However, this latest rebound that has once again scuppered any sense of traction, is struggling to build on its own recovery momentum. The rebound is now encountering a confluence of barriers with a batch of faltering moving averages, psychological resistance at $1.3000 and the 38.2% Fibonacci retracement (of $1.2195/$1.3515) at $1.3010. It is also notable that given the jagged configuration of the rally (again the market is stuttering lower today), there is little real traction through momentum indicators either. Read more...
GBP/USD plummets to 1.2920 level, reverses Tuesday’s positive move
The GBP/USD pair continued losing ground through the mid-European session and refreshed daily lows, around the 1.2925-20 region in the last hour.
A combination of factors led to some renewed weakness on Wednesday and forced the pair to erase a major part of the overnight strong gains to one-week tops – levels just above the key 1.30 psychological mark.
GBP/USD weighed down a modest USD uptick/no-deal Brexit fears
As investors assessed the economic impact of the coronavirus outbreak, a sharp intraday turnaround in the US Treasury bond yields from all-time lows helped ease the recent bearish pressure surrounding the US dollar. Read more...
GBP/USD Analysis: Dropped to 1.2940
Yesterday, the GBP/USD exchange rate reversed south from the upper boundary of the medium-term descending channel at 1.3020. During Wednesday morning, the rate dropped to 1.2940.
From the one hand, the currency pair could gain support from the 100-hour SMA neat 1.2940 and reverse north. In this case the pair could re-test the upper channel line. 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 steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
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.