GBP/USD needs to clear the 1.2250 hurdle to extend its recovery.

GBP/USD has stabilized above 1.22. The pair, however, faces stiff resistance at 1.2250 and it might find it difficult to gather bullish momentum in case that level stays intact, FXStreet’s Eren Sengezer reports.

Cable needs to clear 1.2250 to stretch recovery.“The University of Michigan’s preliminary Consumer Sentiment Index for May will be featured in the US economic docket. If the upbeat market mood remains intact after this data, the US Dollar Index could extend its downward correction and help GBP/USD edge higher.”

“GBP/USD stays below the descending trend line coming from May 5, which forms the first resistance at 1.2250. The 20-period SMA is reinforcing that level as well. In case the pair rises above that hurdle and starts using it as support, it could target 1.23 (psychological level, static level) and 1.2350 (static level, 50-period SMA).”

“EUR/USD struggels to hold above 1.0400 after EU data

EUR/USD has retreated below 1.0400 with the dollar regathering its strength on rising US Treasury bond yields. Eurostat reported that Industrial Production in the EU contracted at a softer pace than expected in March but the shared currency failed to capitalise on that data. Investors await the consumer confidence report from the US.

EUR/USD News 

GBP/USD retreats below 1.2200 as dollar gathers strength

GBP/USD has lost its traction following a short-lived recovery attempt and dropped below 1.2200. Ahead of the consumer confidence index data from the US, rising US Treasury bond yields help the greenback find demand and weigh on the pair. 

GBP/USD News 

Gold struggles near multi-month low, flat-lined around $1,820 area

Gold reversed an intraday dip to the $1,810 region and staged modest recovery from over a three-month low touched earlier this Friday. The intraday uptick, however, lacked any follow-through and remained capped below the $1,830 level. 

Gold News 

Bitcoin: Multiple scenarios arrive at the same bearish conclusion

Bitcoin shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 

Leave a Comment

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

WordPress.com Logo

You are commenting using your WordPress.com 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