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GBPUSD Technical Update – Fibonacci Retrace Caps Recent Highs

GBPUSD Technical Update – Fibonacci Retrace Caps Recent Highs

GBPUSD Update – Fibonacci Retrace Caps Recent Highs

  • The GBPUSD currency pair is range trading between the 1.5070 prior support area and 1.5220 previous resistance zone.
  • Pound dollar has only covered 77% of the ADR (average daily range) today and is trading in a consolidation phase after the extended downside move seen over recent weeks.
  • The range highs coincide with the 61.8% Fibonacci retrace of the last leg lower.  This area has capped the upside, combined with the effect of positive U.S. economic data released today and related US dollar upside.  
  • We note that the dollar has seen gains versus the euro (EURUSD -0.76%) and the Swiss Franc (USDCHF +0.48%) amongst the key currency majors.  The Japanese yen has outperformed today with a +0.77% gain versus the greenback.
  • Demand for sterling is still limited, with concerns over the outlook for UK growth and broad based risk aversion flows noted over recent sessions.
  • In related markets we note that the UK FTSE  closed + 0.7% and the German DAX at a + 1% gain.  The USDX pared initial losses from earlier today and has rallied to the 82.00 area, the 61.8% Fibonacci retrace of 84.10 – 78.60.

gbpusd GBPUSD Technical Update   Fibonacci Retrace Caps Recent Highs

gbpusd h1 GBPUSD Technical Update   Fibonacci Retrace Caps Recent Highs

GBPUSD News, Pound/Dollar Outlook.  Nick Simpson, Forex-FX-4X.com

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