VOT Research Desk
Despite falling from a three-month high during the early hours of Wednesday morning in Europe, the GBPUSD oscillates around 1.1870 as it attempts to protect the bulls.
The new inaction of the Cable duo may be attributed to the conflicting opinions about Russia and the trepidation surrounding the important UK and US data.
The US 10-year Treasury yields languish at a six-week low, and Wall Street concluded with lesser gains than the early-day swings, reflecting the sentiment. The S&P 500 Futures, meanwhile, dropped from its monthly high.
In conclusion, should the scheduled data or events confirm the market consensus, GBPUSD purchasers are expected to see continued upward momentum. In spite of a practically overbought RSI, the GBPUSD declines from a line of resistance that slopes downward from June 15.
The pair may, however, continue to gain as indicated by the positive MACD indications and the persistent trading above the 100-DMA.
|
Daily SMA20 |
1.1488 |
|
Daily SMA50 |
1.1349 |
|
Daily SMA100 |
1.1652 |
|
Daily SMA200 |
1.2249 |
