Q3 GDP showed better-than-expected
figures yesterday and consequently
the Sterling ticked up higher levels. GBP/USD continued rising this morning and
reached 1.3278, but corrected lower to currently trade at 1.3216. ONS released
the Annual Survey of Hours and Earnings, which showed negative real wage growth
for the first time since 2014.
From technical point of view, the short term outlook is neutral to bearish. The
price is developing below its 200-day SMA, acting as a resistance at 1.33. Meanwhile
the 20-day SMA has crossed the bearish 100-day SMA, but is quite hesitant and
is looking for direction.
Stochastic had retreated from the positive territory and is displaying strong
bearish momentum. RSI also retreated from the north area and is currently located
around its mid-line.
GBP/USD is trading now at the 32.8% Fibonacci retracement of its latest October
bullish run and as seen on the four-hour time frame the daily range is between
the 23.6% and 50% of the same Fibo.
Last one at 50% around 1.3180 is key support for the pair and in case of
crossing it below, doors are opened for testing 1.3090.
We have ECB rate decision today and usually EUR/GBP
influences the GBP/USD. In case of hawkish stance, the cable will extend its
decline towards above mentioned level.
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