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GBPUSD Analysis Today - The GBP/USD pair picked up bids to refresh three-week highs near 1.2125-30 on Monday morning in Europe. It is worth noting that several catalysts including the UK jobs report with the US inflation data being the hot news of the week are crucial for the Cable traders.
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As per the report we summarized from the fxstreet.com site, the price that supports the breakout of the 21 DMA and the previous resistance line since early February, adds strength to the bias, and the north side is the MACD bullish signal that has occurred recently and the RSI level of 14 above 50 which is a support for the Cable pair to recover last week. It should be noted, however, that the difference between the 50 DMA and the 50% Fib retracement level around 1.2130 seems to be a challenge for GBP/USD buyers to maintain control. After that, the increase in GBP/USD towards the 61.8% Fib retracement level in late January to early March and the swing high in mid-February, each near 1.2550-1.2270, cannot be ruled out. Meanwhile, the pullback move may initially aim towards a one-month-old resistance-turned-support line, the slowest move near 1.2030 before it manages to hit the 21-DMA level around 1.2020. If GBP/USD manages to sustain above 1.2020, then a resistance line marked on February 2, the latest near the psychological magnet i.2000, seems important to watch. However, GBP/USD traders should remain cautious unless it manages to break through a nine-week-old horizontal support line near 1.1910-20.
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Warning!
This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.
