Forex Analysis:GBPUSD Interim Resistance Is Around 1.3200 Handle

Bottom line: GBPUSD long term structure remains bullish against 1.1414 lows. The currency …

Bottom line: GBPUSD long term structure remains bullish against 1.1414 lows. The currency might be close to carving an intermediary top around 1.3200 levels in the near term. It might be setting up for a corrective drop towards 1.2100/1.2200 levels before turning higher.

 Fundamental Outlook:

EURUSD exchange rate is consolidating in a range just below the 1.1900 handle. It would be looking to take further cues from the FOMC and ECB Monetary Policy due Wednesday and Thursday respectively. The unsuccessful negotiations on new fiscal stimulus and US-China tensions could add pressure on the EURUSD in the coming weeks.

FTSE has dropped over -3.0% in the past two trading sessions and managed to close the week around 6086. With US-China talks over the weekend postponed indefinitely, any further rift might trigger risk aversion. Global equity markets remain vulnerable for another round of selloff, as investor sentiment might change very quickly.

GBPUSD has been trading below 1.3100 mark after having peaked around 1.3186 on August 06, 2020. The exchange rate might come under further pressure with the safe haven US Dollar set to gain. Risk assets and currencies (Gold, Global equity markets, NZDUSD, AUDUSD, EURUSD) remain vulnerable.

Technical Analysis:

GBPUSD might be close to carving a meaningful top around 1.3200 levels and a break below 1.3000 would confirm. Bears might be preparing to be back in control as the currency produces a corrective drop towards 1.2100/1.2200 handle, going forward.

GBPUSD had dropped to fresh lows around 1.1414 levels in March 2020. Since then, it has remained in control of bulls carving a series of higher highs and higher lows through 1.3186 levels. Immediate resistance is seen around 1.3200 handle and a break there would be constructive for bulls.

Having said that, GBPUSD also remains vulnerable for a corrective drop thereafter. The fibonacci 0.618 retracement of rally between 1.1414 and 1.3186 is seen towards 1.2085 levels. High probability remains for a bullish turn, if prices manage to reach there.

Most traders might be preparing to take profits on long positions between 1.3100/1.3200 levels. They might remain flat and allow the corrective drop to reach 1.2100 handle before initiating long positions again. Watch out for a turn lower from near 1.3200 handle soon.

Prepared by

Harsh Japee, Technical Analyst.

 

GBPUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/29945.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部