GBP/USD outlook: Sterling remains in red for the second day following upbeat US NFP
Cable remains under pressure on Monday and probes again through 100DMA (1.3508) which contained Friday’s drop (the pair was down 0.5% for the day) as pound came under increased pressure from better than expected US jobs data which inflated dollar.
Fresh weakness cracks next pivotal supports at 1.3497/92 (daily cloud top / 50% retracement of 1.3357/1.3627 rally) with daily close below here to further weaken near-term structure and confirm lower top at 1.3627 (Feb 3 high) and expose supports at 1.3461/21 (Fibo 61.8% and 76.4% of 1.3357/1.3627 respectively). Read more...
GBP/USD: Still room for a move to 1.3645 – UOB
In opinion of FX Strategists at UOB Group, Cable could still advance further and revisits the 1.3645 level in the short-term horizon.
24-hour view: “GBP pulled back to a low of 1.3505 last Friday before closing on a soft note at 1.3525 (-0.54%). While downward momentum has not improved by much, the pullback in GBP could dip below 1.3500 first before stabilization is likely. The next support at 1.3470 is unlikely to come under threat. On the upside, a break of 1.3590 (minor resistance is at 1.3560) would indicate that the current weakness has stabilized.” Read more...
GBP/USD to face renewed bearish pressure with a drop below 1.3520
The GBP/USD pair is having a difficult time making a decisive move in either direction early Monday but a drop below 1.3520 could attract sellers, according to FXStreet’s Eren Sengezer.
“The Fibonacci 38.2% retracement level of the latest uptrend seems to have formed support at 1.3520. In case GBP/USD falls below that level and starts using it as resistance, 1.3500 (Fibonacci 50% retracement, 50-period SMA on the four-hour chart) aligns as the next bearish target before 1.3460 (Fibonacci 61.8% retracement).” Read more...
|Today last price||1.3516|
|Today Daily Change||-0.0015|
|Today Daily Change %||-0.11|
|Today daily open||1.3531|
|Previous Daily High||1.3615|
|Previous Daily Low||1.3505|
|Previous Weekly High||1.3628|
|Previous Weekly Low||1.3387|
|Previous Monthly High||1.3749|
|Previous Monthly Low||1.3358|
|Daily Fibonacci 38.2%||1.3547|
|Daily Fibonacci 61.8%||1.3573|
|Daily Pivot Point S1||1.3486|
|Daily Pivot Point S2||1.344|
|Daily Pivot Point S3||1.3375|
|Daily Pivot Point R1||1.3596|
|Daily Pivot Point R2||1.366|
|Daily Pivot Point R3||1.3706|
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.