GBP/USD is likewise taking advantage of the weaker US Dollar, thus managing to surge 1.49% in a matter of one session. The biggest gains were apparent during the second half of Friday, while this session started with the Pound trading sideways with low volatility.
From theoretical point of view, the pair breached a six-week channel during the previosu session, thus pointing to a possible price decline down to the 1.3720 area. Converging technical indicators likewise support this scenario.
Given that there is a bank holiday in the US, it is likely that no massive changes to the pair’s movement are to happen today. The Sterling might remain fluctuating between the weekly R1 and the monthly R2 at 1.3828 and 1.3700, respectively, during the whole session.
From theoretical point of view, the pair breached a six-week channel during the previosu session, thus pointing to a possible price decline down to the 1.3720 area. Converging technical indicators likewise support this scenario.
Given that there is a bank holiday in the US, it is likely that no massive changes to the pair’s movement are to happen today. The Sterling might remain fluctuating between the weekly R1 and the monthly R2 at 1.3828 and 1.3700, respectively, during the whole session.
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Downside risks prevailed during the first half of Tuesday. However, the 55-hour SMA proved to be an unbreakable resistance that pressured the rate back north. Similarly to EUR/USD, the Pound was stranded between the weekly R1 and the 55-hour SMA at 1.3828 and 1.3776, respectively.
Meanwhile, the pair breaching a short-term ascending channel suggests that bears might eventually take the upper hand in the market. This scenario, however, depends on the rate’s ability to breach the aforementioned moving average. A subsequent fall should not exceed the 100-hour SMA located near the 1.37 mark.
Even though an upward breakout should not be discarded, more weight is put on the bearish scenario, especially if the northern side is likewise reinforced by the monthly R3.
Meanwhile, the pair breaching a short-term ascending channel suggests that bears might eventually take the upper hand in the market. This scenario, however, depends on the rate’s ability to breach the aforementioned moving average. A subsequent fall should not exceed the 100-hour SMA located near the 1.37 mark.
Even though an upward breakout should not be discarded, more weight is put on the bearish scenario, especially if the northern side is likewise reinforced by the monthly R3.
Similarly to other major currency pairs involving the US Dollar, GBP/USD was trading sideways for the most session on Monday. After a quiet morning, the Sterling surged 49 pips, but then resumed its period of consolidation slightly below the weekly R1.
The Pound is currently testing the upper boundary of a three-month ascending channel circa 1.3825. Given that this area is likewise reinforced by the weekly R1 and the monthly R3, it is unlikely that bulls manage to surpass the 1.3850 mark.
Meanwhile, the UK is to publish its monthly CPI data at 0930GMT. This data release might disrupt the pair’s still movement and push the rate lower towards the 55-hour SMA and the monthly R2 near 1.37.
In case no other significant events occur, the rate could remain in the 1.3700/1.3850 area today.