GBP/USD has just bounced off the bottom of a medium-term consolidation range after forming a bullish Tweezer Bottom Japanese candlestick pattern.
The pair rose up strongly on Wednesday and Thursday but then hit stubborn resistance at the intersection of two major moving averages – the red 50-day and blue 100-day Simple Moving Averages (SMA) – and stalled. Read more…
The Pound Sterling (GBP) retreats to 1.2620 in Friday’s London session after failing to recapture the round-level resistance of 1.2700. The GBP/USD pair falls back as escalating geopolitical tensions and caution among market participants ahead of the United States Nonfarm Payrolls (NFP) report for March has boosted demand for the US Dollar. Read more…
GBP/USD advanced toward 1.2700 during the European trading hours on Thursday but reversed its direction in the American session to end the day with small losses. The pair holds comfortably above 1.2600 early Friday as market participants await labor market data from the US.
After suffering large losses against its major rivals in the first half of the week, the US Dollar gained traction in the second half of the day on Thursday. Read more…
