GBP/USD has broken support from its recent low and 200-DMA at 1.1914/12 to turn the spotlight on the key 1.1841 January low. A weekly close below here would warn of an important bearish “double top”, economists at Credit Suisse report.
Move above resistance at 1.2144/48 needed to ease immediate fears of a top
“A sustained break below the 1.1841 January low, especially post payrolls this Friday would complete a bearish ‘double top’ to signal a much deeper sell-off, and likely a stronger USD rally more broadly, with support seen next at the 38.2% retracement of the 2022/2023 rally at 1.1648/46. Whilst we would look for this to hold at first, we would note that the ‘double top measured objective’ would be seen set much lower at 1.1233.”
“Above resistance at 1.2144/48 is needed to ease immediate fears of a top, although we would need to see 1.2270 cleared in our view to warn of strength back to 1.2447/49.”
EUR/USD holds steady near 1.0550 after US data
EUR/USD continues to trade in its daily range at around 1.0550 in the early American session on Wednesday. The monthly ADP report showed that employment in the US private sector rose by 242K in February but this data failed to trigger a reaction. Eyes on Powell’s testimony.
EUR/USD News
GBP/USD stays vulnerable below 1.1850 amid stronger US Dollar
GBP/USD stays on the back foot and trades below 1.0850 on Wednesday. The data from the US showed that employment in the private sector rose at a stronger pace than expected in February, making it difficult for the pair to stage a rebound. Fed’s Powell will testify before US House later.
GBP/USD News
Gold struggles near one-week low amid hawkish Federal Reserve
Gold prices bounces off over a one-week low touched earlier this Wednesday and steadily climbs to the $1,815 region during the first half of the European session.
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