Hi traders, we bought the GBPUSD this morning after the dip to liquidity around the 1.3850 level.
FUNDAMENTALS:
The pair has been supported by easing lockdown restrictions in the UK, vaccination efforts, and lower US yields.
INTERMARKET:
The divergence between 2-year UK and US yields could provide some headwinds for further gains. However, the 200% Fib extension level is likely still on the table (1.40 round-number resistance.)
SENTIMENT:
Positive risk appetite, rising global indices, as well as higher copper and natural gas prices support the British pound.
TECHNICALS:
The technical picture shows a strong uptrend after the 61.8% Fib retracement from Friday, accompanied by strong impulsive moves and very shallow/non-existent corrections.
The pair is infamous for rather deep corrective moves, which could lead to some profit taking activities around current levels.
The 200% Fib extension level is our final profit target, while the 50% Fib of today's high-low range could eventually be used for additional buying positions.
Please hit the LIKE button if you find any value in our content. Thanks!
FUNDAMENTALS:
The pair has been supported by easing lockdown restrictions in the UK, vaccination efforts, and lower US yields.
INTERMARKET:
The divergence between 2-year UK and US yields could provide some headwinds for further gains. However, the 200% Fib extension level is likely still on the table (1.40 round-number resistance.)
SENTIMENT:
Positive risk appetite, rising global indices, as well as higher copper and natural gas prices support the British pound.
TECHNICALS:
The technical picture shows a strong uptrend after the 61.8% Fib retracement from Friday, accompanied by strong impulsive moves and very shallow/non-existent corrections.
The pair is infamous for rather deep corrective moves, which could lead to some profit taking activities around current levels.
The 200% Fib extension level is our final profit target, while the 50% Fib of today's high-low range could eventually be used for additional buying positions.
Please hit the LIKE button if you find any value in our content. Thanks!
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