GBP/USD Price Analysis: Breaks through 200-hour SMA hurdle, retakes 1.3500 amid weaker USD By HareshMenghani GBPUSD Technical Analysis Majors Currencies
Sustained move beyond the 200-hour SMA/1.3500 mark might have set the stage for further gains.The GBP/USD pair
shot to a four-day high during the first half of the European session, with bulls now looking to build on the momentum beyond the 1.3500 psychological mark. Following a brief consolidation earlier this Tuesday, the GBP/USD pair gained traction for the third straight day and built on its recent bounce from a one-month low, around the 1.3360-1.3355 area. The uptick was sponsored by the ongoing US dollar retracement slide and expectations that the Bank of England will hike interest rates at its upcoming meeting on Thursday.
From a technical perspective, sustained breakthrough the 23.6% Fibonacci retracement level of the 1.3749-1.3358 downfall was seen as a fresh trigger for intraday bullish traders. Some follow-through buying beyond the 200-day SMA might have already set the stage for additional gains. The outlook is reinforced by positive oscillators on hourly/daily charts.has just started moving into the overbought territory and warrants some caution before positioning for any further appreciating move.
On the flip side, any meaningful pullback now seems to find decent support near the 23.6% Fibo. level, around mid-1.3400s. This is followed by 100-hour SMA, around the 1.3430 region, which if broken would make the GBP/USD pair vulnerable to break below the 1.3400 mark. The downfall could get extended towards last week's swing low, around the 1.3355 area.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD remains on the defensive around 1.2700 amid bullish oil prices/weaker USDUSD/CAD remains on the defensive around 1.2700 amid bullish oil prices/weaker USD By HareshMenghani USDCAD OPEC Fed EconomicIndicator Currencies
Read more »
GBP/USD Price Analysis: Bulls need validation from 1.3450 immediate hurdleGBP/USD Price Analysis: Bulls need validation from 1.3450 immediate hurdle By anilpanchal7 GBPUSD Technical Analysis ChartPatterns SwingTrading SupportResistance
Read more »
GBP/USD Price Analysis: Recaptures 50-DMA on the road to recoveryGBP/USD is looking to build onto Friday’s rebound from five-week lows of 1.3357 reached last Thursday, as the overall upbeat market mood favors the hi
Read more »
EUR/USD Price Analysis: Upside looks corrective onlyEUR/USD stages a decent come back following last week’s fresh lows in the 1.1120 region (January 28), an area las visited in the summer of 2020. So fa
Read more »
GBP/USD firm on BoE sentiment, USD wekaness, pressing against critical resistanceGBP/USD firm on BoE sentiment, USD wekaness, pressing against critical resistance By ross_burland GBPUSD BOE CentralBanks DollarIndex Currencies
Read more »
GBP/USD to retest medium-term support at 1.3189/35 – Credit SuisseGBP/USD continues to essentially hold the “neckline” to the December base at 1.3376 for now. But the broader risk is seen lower for a retest of medium
Read more »