Wed, Feb 01, 2023 @ 19:42 GMT
HomeContributorsTechnical AnalysisGBP/USD: Sterling Extends Advance as Risk Sentiment Improves Further

GBP/USD: Sterling Extends Advance as Risk Sentiment Improves Further

Cable accelerated gains on Thursday, lifted by renewed risk sentiment, following comments from Fed Powell on Wednesday, which deflated dollar on less hawkish than expected stance, while solid US data on Thursday further boosted risk appetite.

Traders eye of US ISM manufacturing PMI (Nov f/c 49.8 vs Oct 50.2) which should contribute to positive tone on release above forecast, as well as Friday’s release of the US Nov labor report.

Fresh advance pushed the price to the highest level since Aug 8 and generated bullish signal on lift above falling 200DMA (1.2153), which also indicates continuation of larger uptrend from Sep 26 spike low at 1.0348.

Bulls pressure immediate barriers at 1.2293/76 (Aug 1,10 tops which formed a lower platform), break of which would unmask key Fibo barrier at 1.2449 (Fibo 61.8% of 1.3748/1.0348).

Today’s close above broken 200DMA to confirm strong bullish stance.

Res: 1.2273; 1.2296; 1.2332; 1.2400.
Sup: 1.2153; 1.2100; 1.2048; 1.2000.

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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