GBP/USD has turned north following a decline toward 1.31 earlier in the day. The pair is closing in on key 1.32 resistance and additional gains could be witnessed if sellers fail to defend that level, FXStreet’s Eren Sengezer reports.
Pound bulls to take action above 1.32
“The economic docket will not feature any high-impact data releases on Tuesday and GBP/USD needs risk flows to continue to dominate the financial markets in order to extend the recovery.”
“In case 1.32 level turns into support, the next bullish target could be seen at 1.3250 (Fibonacci 61.8% retracement).”
“On the downside, 1.3150 (Fibonacci 38.2% retracement) aligns as first support before 1.31 (50-period SMA, Fibonacci 23.6% retracement, psychological level).”
EUR/USD recovers above 1.1000 as dollar loses interest.EUR/USD regained its traction after declining toward 1.0950 earlier in the day and climbed above 1.1000. The improving market mood in the early European session seems to be weighing on the dollar and helping the pair push higher. In the absence of high-tier data releases, markets will focus on central bank speak.
GBP/USD pares early losses, closes in on 1.3200.GBP/USD stayed under bearish pressure during the Asian trading hours and fell below 1.3130 before reversing its direction. The positive shift witnessed in risk mood seems to be helping the British pound find demand while weighing on the greenback.
Gold looks vulnerable whilst below $1,941.Gold price remains stuck in a familiar range below $1,940, lacking a clear direction. Treasury yields firm up on hawkish Fed while the Russia-Ukraine crisis rages on.