Free Trial

50-dma Resistance In Sight, But Tech Signals Still Point Lower

GBPUSD
  • GBP/USD's Thursday rally now puts the pair at the 50-dma of 1.2192 - a key resistance. A break north of here sees scant resistance out to 1.2265, the Feb 3 high.
  • BBG backtesting shows the most profitable technical strategy on 12m rolling basis is the MA Oscillator, which retains a winning short position initiated on Jan27th - a position that's unlikely to switch in the very near future, with the signal/oscillator spread at close to the widest point of the technical cycle.
  • Moves come on the eve of the December data round, with industrial production, trade balance and GDP data due tomorrow morning UK time.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.