Loading...

XM Group

XM Group

GBP/USD bounces off 200-day SMA

GBP/USD finds support at uptrend line; But short-term outlook remains neutral; MACD and RSI are mixed

XM Group | 248 days ago

GBP/USD rebounded off the 200-day simple moving average (SMA), which coincides with the 1.2595 support level and the medium-term ascending trend line. The market has still been developing within a consolidation area since November 21, despite the break to the upside that it had on March 8, which seems to be a failed signal.

Technically, the MACD oscillator is moving beneath its trigger and zero lines; however, the RSI is pointing upwards in the bearish territory.

If the market continues to the upside, it could find immediate resistance at the 50-day SMA at 1.2680 ahead of the 20-day SMA at 1.2730. Surpassing these lines, the upper boundary of the channel may halt bullish actions at 1.2820.

On the flip side, a successful dive below the uptrend line and the 200-day SMA, then the market may switch to a bearish one, hitting the 1.2495-1.2520 support region. Even lower, the 1.2370 barricade could be the next level to look for.

In a nutshell, GBP/USD returns to a neutral phase after the climb towards the six-month peak of 1.2892 and to endorse the bullish outlook again, traders need to wait for a climb beyond the aforementioned level.

Regulation: CySEC (Cyprus), ASIC (Australia), FSC (Belize), DFSA (UAE), FSCA (South Africa)

Tags: Analysis GBPUSD

read more

Japanese Yen Strong on Heighten Likelihood of BoJ Rate Hike

Japanese Yen Strong on Heighten Likelihood of BoJ Rate Hike

The Japanese yen strengthened further following an upbeat Tokyo CPI reading above 2%, reinforcing expectations of a potential BoJ rate hike. USD/JPY fell below the 150 level as market sentiment shifted. Meanwhile, the dollar remained subdued after Wednesday’s PCE report, with the Dollar Index retreating from the 106 mark, reflecting expectations of steady Fed policy.

PU Prime | 8h 12min ago

Daily Global Market Update

Daily Global Market Update

GBP/USD sideways, bullish CCI. Bitcoin -0.7%, bearish Ultimate Oscillator. Oil +0.3%, bearish Stochastic. AUD/USD stable, bullish ROC. Crypto thefts $1.5B in 2023, German inflation steady. Oil prices rise due to Middle East tensions and OPEC+ delays. Key events: Japan Household Spending, US Consumer Confidence, Eurozone GDP, UK Manufacturing PMI, OPEC Meeting Results.

Moneta Markets | 9h 27min ago

Gold Decline on Easing Geopolitical Tension

Gold Decline on Easing Geopolitical Tension

The U.S. Personal Consumption Expenditures (PCE) report, released yesterday, met market expectations but failed to deliver any surprises, resulting in continued weakness in the U.S. dollar. Simultaneously, long-term Treasury yields fell to their lowest levels in November.

PU Prime | 1 day ago

All Eye on Today’s PCE

All Eye on Today’s PCE

Ahead of today’s U.S. PCE reading, most asset classes remained steady as markets await direction. A higher-than-expected reading could bolster the dollar.

PU Prime | 2 days ago

Daily Global Market Update

Daily Global Market Update

Gold prices dropped significantly, while the Euro gained slightly. The Pound dipped, and Bitcoin fell sharply. Global equities rose as the dollar weakened. DeFi tokens surged, and the total value locked in DeFi reached a three-year high. Apple's investment proposal in Indonesia was rejected. Key economic events like US Non-Farm Payrolls and UK CPI are due.

Moneta Markets | 3 days ago

Trump’s Tariff Policies Push Dollar Higher

Trump’s Tariff Policies Push Dollar Higher

The dollar surged to a recent high, recovering from yesterday's retreat, driven by President-elect Donald Trump's threats of 25% tariffs on Canada, China, and Mexico.

PU Prime | 3 days ago

Dollar Plummet on Trump’s Treasury Secretary Speculation

Dollar Plummet on Trump’s Treasury Secretary Speculation

The U.S. Dollar faced a sell-off during the Asian session as market sentiment shifted with speculation around Donald Trump’s potential Cabinet appointments.

PU Prime | 4 days ago

Daily Global Market Update

Daily Global Market Update

Pound weakened, Bitcoin surged, Oil climbed, Aussie traded sideways. Bitcoin's $100K rally gains momentum, gold rises on safe-haven demand. Key economic events to watch.

Moneta Markets | 7 days ago

Noteikumi | Privātums | Lapas karte | Site Map Calendar

© 2024 Myfxbook Ltd. All Rights Reserved.

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.