GBPUSD TECHS: Bull Cycle Extends
Apr-16 17:30
- RES 4: 1.3434 High Sep 26 ‘24 and a key resistance
- RES 3: 1.3367 3.0% Upper Bollinger Band
- RES 2: 1.3305 High Oct 2 ‘24
- RES 1: 1.3292 High Apr 16
- PRICE: 1.3253 @ 15:56 BST Apr 16
- SUP 1: 1.2963 20-day EMA
- SUP 2: 1.2839 50-day EMA
- SUP 3: 1.2709 Low Apr 7 and a bear trigger 1.2654
- SUP 4: 1.2559 Low Feb 28
GBPUSD maintains a bullish tone and the pair continues to appreciate. Price has breached key resistance at 1.3207, the Apr 3 high and a bull trigger. This confirms the end of the recent Apr 4 - 7 correction, and highlights a resumption of the medium-term uptrend. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.3305 next, the Oct 2 ‘24 high. Support to watch is 1.2963, the 20-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US: FED Reverse Repo Operation: Back Below $100B
Mar-17 17:20
RRP usage retreats well below $100B to $89.496B this afternoon from $126.234B Friday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 25 from 29 prior.
OPTIONS: Larger FX Option Pipeline
Mar-17 17:20
- EUR/USD: Mar19 $1.0800(E1.5bln), $1.0900(E1.3bln); Mar20 $1.0900-10(E1.3bln); Mar21 $1.0900(E1.2bln)
- USD/JPY: Mar20 Y145.00($1.2bln); Mar21 Y149.00($1.2bln), Y149.85-00($1.7bln)
- AUD/USD: Mar20 $0.6400-15(A$1.5bln)
- USD/CAD: Mar19 C$1.4565($1.6bln); Mar21 C$1.4300($1.6bln)
FOREX: GBPUSD Set to Close at Fresh 4-Month Highs, Eyes US Election Peak
Mar-17 17:19
- While GBP has been underperforming the likes of AUD and NZD to start the week, the broad dollar offer has also assisted GBPUSD to print a fresh four-month high as the pair edges ever closer to the psychological 1.3000 mark.
- A close at current levels would be the highest daily close since the US election and should keep attention firmly on the November 06 high of 1.3048. GBPUSD’s technical backdrop is highlighting a clear dominant uptrend, and above this level, targets for a stronger rally include 1.3119 (76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg) and 1.3175 (Oct 4 2024 high).
- It’s another busy week for the UK with both the BOE decision and labour market data due on Thursday. An unchanged Bank Rate is almost universally expected here: markets are pricing a close to zero probability of a move and we are yet to see a sellside preview expecting anything other than an on hold decision. The main focus is likely to be on the vote split and any change to the guidance.
