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GBP/USD PRICE ANALYSIS: THE PAIR BALANCES AT CRITICAL LEVELS
Abstract：GBP/USD was trading in a narrower range of around 50 pips on Thursday having hit an 11-month high the prior day after the Federal Reserve raised rates but signaled an end to its tightening cycle is in sight. The technicals are left bullish, however, while on the front side of the weekly dynamic support line as the following will illustrate:
• GBP/USD bulls are eyeing a break towards 1.2660.
• Bears need to get below the 1.2570s.
GBP/USD was trading in a narrower range of around 50 pips on Thursday having hit an 11-month high the prior day after the Federal Reserve raised rates but signaled an end to its tightening cycle is in sight. The technicals are left bullish, however, while on the front side of the weekly dynamic support line as the following will illustrate:
GB/USD WEEKLY CHART
We have a resistance at 1.2600 that the bulls need to overcome that will open the way to 1.2660. There are prospects of a strong move up from there which makes the midpoint of the 1.26s potentially stubborn resistance.
GBP/USD H4 chart
The 4-hour time frame is compelling. A break of trendline support will be key and the 1.2570s are key in this regard. A break of the 1.2550s opens the risk of a deeper move lower for the days ahead. Nonfarm Payrolls will be a critical event on Friday and next week´s opening balance could be what counts, setting the tone for the week ahead after the NFP volatility.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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FOREX TODAY: BOC RATE DECISION, UK BUDGET
Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
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