After a rollercoaster ride on the BOE moves, GBPUSD bears flex muscles with eyes on Thursday’s UK Q4 GDP. The week’s start has already confirmed a rising wedge bearish pattern but the sellers need validation from 50-SMA 1.3490. Theory suggests a sustained downtrend past 1.3490 will recall 1.3330-25 levels on the chart. However, 61.8% Fibonacci retracement (Fibo.)...
Despite defending 1.3170 multiple times since December 09, the GBPUSD pair’s failure to cross a five-week-old ascending trend line, not to forget 200-SMA, keeps sellers hopeful. Adding to the bearish bias are the downbeat MACD conditions. That said, the yearly low of 1.3160 adds to the downside filters, in addition to the 1.3170 multiple bounce point. Should the...
GBPUSD posts a corrective pullback from the yearly low of around 1.3425 ahead of the UK data dump, comprising preliminary readings of the UK Q3 GDP. Even so, the cable pair needs a daily closing beyond September’s bottom of 1.3411, as well as the 50% Fibonacci retracement level near 1.3460, to convince short-term buyers. Even so, lows marked in July and 200-SMA,...
GBPUSD fails to cheer upbeat UK GDP figures as market plays await fresh clues to confirm the Fed tapering chatters. Even so, the cable keeps the previous day’s rebound from 21-DMA amid firmer RSI, suggesting further recovery towards the 1.3900 round figure. However, a convergence of 21-DMA and a downward sloping trend line from June 11, around 1.3925-30, becomes...