Created
: 2024.04.26
2024.04.26 04:44
The Pound Sterling resumed its advance against the US Dollar, climbing more than 0.40% and trading at 1.2518. During the day, the GBP/USD bounced off daily lows of 1.2450 following the release of mixed economic data from the United States. The US economy in Q1 2024 grew below estimates, which would warrant easing monetary policy. But prices edging up spurred investors' reaction to priced-out rate cuts in 2024.
The GBP/USD is aiming up sharply, though it remains bearishly biased. Although the major remains far from the latest cycle high, if buyers regain some key resistance levels, that would ultimately expose the April 9 high at 1.2709, the latest cycle high.
Therefore, the GBP/USD first resistance would be the 200-day moving average (DMA) at 1.2559. A breach of the latter will expose the 1.2600 figure, followed by the 50 and 100-DMAs, each a 1.2624 and 1.2647. Once those levels are surpassed, the April 9 high would be up next.
On the other hand, if GBP/USD slumps below 1.2500, that would keep the downtrend intact and pave the way to re-test the year-to-date (YTD) low of 1.2299.
Created
: 2024.04.26
Last updated
: 2024.04.26
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy