GBP/USD has struggled to extend rebound beyond 1.3050. As FXstreet’s Eren Sengezer notes, technicals reveal a lack of recovery momentum.Buyers are yet to control cable’s action.“The Relative Strength Index (RSI) indicator on the four-hour chart stays near 40 and GBP/USD continues to trade below the 20-period SMA, suggesting that buyers are yet to control the pair’s action.”
“1.3000 (psychological level, static level) aligns as significant support and additional losses toward 1.2920 (static level) could be witnessed in case this level turns into resistance.”
“Resistances are located at 1.3050 (static level, 20-period SMA), 1.3100 (psychological level, static level) and 1.3150 (static level, 50-period SMA).”
EUR/USD steadies near 1.1000 despite weak EU data.EUR/USD clings to daily gains near 1.1000 despite the disappointing data releases from the euro area. Eurostat reported on Monday that Industrial Production in the eurozone contracted by 1.3% on a yearly basis in January and the ZEW Economic Sentiment plunged to -38.7 in March from 48.6 in January. Eyes on US data, ECB President Lagarde’s speech.
GBP/USD rises above 1.3050 on broad dollar weakness GBP/USD extended its rebound from 1.3000 on Tuesday and advanced above 1.3050, supported by the selling pressure surrounding the greenback.The US Dollar Index is losing more than 0.3% on the day as investors remain hopeful for a Russia-Ukraine peace agreement.
Gold keeps March lows of $1,902 and the Fed in focus.Gold price remains vulnerable despite a brief pause in its three-day downtrend amid a sharp pullback in the US Treasury yields, which has dragged the dollar lower alongside. The price action in the dollar and yields is a pre-Fed repositioning by the market participants.