Bottom line: GBPUSD long term structure remains bullish against 1.1414. The currency seems to be preparing to push higher towards 1.3200 resistance after having carved a potential higher low around 1.2080 last week.
Fundamental Outlook:
FTSE had dropped on Friday to 5872 lows before recovering and had managed to close almost flat at 5998. As US and UK markets remain closed today, price action is expected to remain subdued. Most indices including FTSE would be affected by the rising tensions between the US and China leading to a “Cold-War”.
EURUSD had managed to hit through 1.1000 levels last week. The EURUSD exchange would be taking cues from the German IFO Business Climate figures today, which is expected to print higher at 78.3. Also keep an eye on the France-Germany joint proposal submitted earlier, on the EURO500 billion recovery fund. The above fund was proposed to help hard hit European Countries recover from COVID-19 impact.
Oil prices have managed to rise over the past few sessions as WTI Crude and Brent Crude push through major hurdles at $30.00 and $36.00 respectively. Oil prices are expected to rise as most economies re-open post lock down. We shall also bring a technical update on the expected price action tomorrow.
Technical Analysis:
GBPUSD bulls might remain poised to break higher towards 1.2900/1.3200 going forward. After having print lows at 1.1414 earlier, bulls have managed to carve a series of higher highs and higher lows. Last week’s drop towards 1.2080 could be yet another higher low before the next leg rally resumes.
GBPUSD seems to have carved a multi-year low at 1.1414 and is now poised to break above 1.3200/1.3500 resistance. This would confirm a long term trend reversal and that bulls are here to stay for long. Traders would be preparing to take profits on long positions around the next resistance at 1.2900 and 1.3200 respectively.
Prepared by
Harsh Japee, Technical Analyst.
GBPUSD Chart
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