The risk-on environment and
the positive domestic data kept the Sterling confident and during the last five
sessions was seen slightly elevated. Today the GBP/USD pair marked fresh
two-month high at 1.2773 but later on retreated and now is holding around
1.2700 area, which remains strong support level. The 100-day SMA was acting as immediate
resistance but was crossed to the upside while the 20-day SMA is trending to north.
What is important to point out now is that Cable is developing within the ascending channel and nears the top side of the channel. RSI is modestly above mid-lines but showing strong bullish momentum. Stochastic is located at overbought territory but indicating rising expectations for larger recovery for the pair.
What is important to point out now is that Cable is developing within the ascending channel and nears the top side of the channel. RSI is modestly above mid-lines but showing strong bullish momentum. Stochastic is located at overbought territory but indicating rising expectations for larger recovery for the pair.
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