GBP/USD to post bullish technical signal on a move above 1.3710/1.3750.

GBP/USD has staged a pullback after struggling to reclaim the 200-day moving average (DMA) near 1.3710/1.3750. A break above here would see cable completing an inverse head and shoulders pattern, economists at Société Générale report.

First potential support is at1.3485/1.3455.“GBP/USD appears to be evolving within the right shoulder of a possible Inverse Head and Shoulders. The pattern would complete if the pair establishes itself above the neckline at 1.3710/1.3750.” “First potential support is at 1.3485/1.3455 representing the trend line drawn since December. If this gets violated, a revisit of recent low at 1.3358 is not ruled out.”“1.3630 caps immediate upside.”

EUR/USD clings to daily gains after rising toward 1.1400.EUR/USD edged higher in the early European session on Wednesday but seems to have lost its bullish momentum before testing 1.1400. The pair clings to daily gains above 1.1350 as investors await US data, fresh developments on the Russia-Ukraine conflict. 

EUR/USD News .GBP/USD holds above 1.3550 despite cautious market mood.GBP/USD trades modestly above 1.3550 on Wednesday as investors assess contradicting headlines surrounding the Russia-Ukraine conflict. The cautious market mood is limiting the pair’s upside ahead of high-tier US data and FOMC Minutes. 

GBP/USD News …Gold rises toward $1,860 as US T-bond yields push lower.Gold started to stretch higher toward $1,860 after spending the first half of the day in a tight range near $1,850. The benchmark 10-year US Treasury bond yield stays in the negative territory amid a cautious risk tone and helps the yellow metal gain traction.

For more information .Sign up.

Leave a Comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s