Technical Analysis

Cable strikes increased in direction of take a look at of key near-term resistance ranges

GBP/USD touches a excessive of 1.3096 on the day

GBP/USD H1 04-02-19

The pound is recouping a few of its earlier losses as we speak in opposition to the greenback as cable inches in direction of the 1.3100 deal with within the early morning right here in Europe. There is not a lot headlines for merchants to work with in the interim with markets in a state of limbo and the Brexit rhetoric nonetheless going nowhere for the time being.

From a technical perspective although, patrons are shifting in direction of a cluster of key near-term resistance ranges with affords seen close to 1.3100 and the 100-hour MA (pink line) @ 1.3102, in addition to the 200-hour MA (blue line) @ 1.3108. Additional resistance is then seen at 1.3140-55.

So long as value stays beneath the important thing hourly shifting averages, sellers will nonetheless be in near-term management however draw back stays restricted to ranges round 1.3050 the place some bids are layered.

On condition that we’ll be listening to little on Brexit over the following few days, anticipate buying and selling to stay uneven so it is best to depend on technical ranges akin to these above to outline and restrict your buying and selling threat. However because it stands, it is nonetheless all about Brexit for the pound.

I reckon markets will begin to develop extra anxious a couple of no-deal Brexit as we transfer nearer in direction of deadline day on 29 March. There’s nonetheless little indication of Article 50 being prolonged (for now a minimum of, despite the fact that it ought to ultimately come about) so in lieu of that, it ought to hold upside pressures on the pound restricted in my opinion. However once more, regardless of the case could also be, we’re all topic to Brexit headlines at this level.

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