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FOREX: GBPUSD Consolidating Above 1.2550 Resistance

FOREX
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  • In similar vein to the higher beta currencies in G10, sterling continues to trade with a resilient bid tone. This has allowed GBPUSD to comfortably consolidate its position back above 1.2550 resistance, with the further gradual appreciation on Friday strengthening a short-term bullish condition. Gains on the week now total 1.45%.
  • The pair has traded through the 50-day EMA, and breached resistance at 1.2550, the Feb 5 high. This signals scope for a climb towards 1.2610, a Fibonacci retracement. Above here, 1.2667 will garner the market's attention, the Dec 19 high.
  • Additionally, the strong bounce for GBPJPY appears to be negating the prior developing bearish sentiment for the cross. We have risen firmly back above the pivotal 190.00 mark to 192.30 at typing, which alongside a number of yen crosses, has allowed a recent oversold condition to unwind, and bolsters the broader short-term GBP optimism.
  • UK labour market, CPI and flash PMIs data will headline the economic data schedule across Tuesday and Wednesday next week, key for gauging the policy rate trajectory for the BOE.
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  • In similar vein to the higher beta currencies in G10, sterling continues to trade with a resilient bid tone. This has allowed GBPUSD to comfortably consolidate its position back above 1.2550 resistance, with the further gradual appreciation on Friday strengthening a short-term bullish condition. Gains on the week now total 1.45%.
  • The pair has traded through the 50-day EMA, and breached resistance at 1.2550, the Feb 5 high. This signals scope for a climb towards 1.2610, a Fibonacci retracement. Above here, 1.2667 will garner the market's attention, the Dec 19 high.
  • Additionally, the strong bounce for GBPJPY appears to be negating the prior developing bearish sentiment for the cross. We have risen firmly back above the pivotal 190.00 mark to 192.30 at typing, which alongside a number of yen crosses, has allowed a recent oversold condition to unwind, and bolsters the broader short-term GBP optimism.
  • UK labour market, CPI and flash PMIs data will headline the economic data schedule across Tuesday and Wednesday next week, key for gauging the policy rate trajectory for the BOE.