GBP/USD pares the first weekly gain in three as traders brace for the key data/events.
Upside break of one-month-old descending trend line, bullish MACD signals favor buyers.
Bulls need clear break of 50-DMA to retake control; 200-DMA puts a floor under the Cable price.
GBP/USD bulls take a breather around 1.2030 during Monday’s initial Asian session, after posting the biggest weekly jump since mid-January.
In doing so, the Cable pair fails to extend the previous day’s upside break of the one-month-old descending resistance line, now support around 1.2020.
However, the Cable price is yet to drop back below the resistance-turned-support and the MACD signals are bullish too, which in turn keeps the GBP/USD buyers hopeful amid steady RSI. Adding strength to the upside bias is the quote’s successful trading beyond the 200-DMA.
In addition to the 200-DMA support of around 1.1900, an upward-sloping trend line from early January, close to 1.1940 at the latest, also acts as the short-term key support for the GBP/USD pair.
In a case where the GBP/USD remains bearish past 1.1900, lows marked during January 2023 and late November 2022, respectively near 1.1840 and 1.1760, will be in focus.
On the flip side, a daily closing beyond the 50-DMA hurdle surrounding 1.2140 could quickly propel the Cable pair toward the mid-February swing high surrounding 1.2270.
It’s worth noting, however, that the GBP/USD pair’s successful trading above 1.2270 enables the buyers to aim for the 2.5-month-old horizontal resistance area nearing 1.2445-50.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن