Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
13 Mar 2023

GBP/USD Price Analysis: Cable bulls prod 50-DMA hurdle above 1.2100 as the key week begins

  • GBP/USD rises to the highest levels in two weeks during a four-day uptrend.
  • Clear upside break of 21-DMA, previous resistance lines join bullish MACD signal to favor buyers.
  • Sellers need validation from 1.1920-10 support zone for conviction.

GBP/USD takes the bids to refresh a three-week high near 1.2125-30 during early Monday morning in Europe. It should be noted that the multiple catalysts including the UK jobs report and the US inflation data highlight this week an important one for the Cable traders.

That said, the quote cheers the upside break of the 21-DMA and previous resistance lines from early February. Adding strength to the north-side bias are the recently bullish MACD signals and the above 50 levels of RSI (14) that back the last week’s recovery moves.

It’s worth noting, however, that a convergence of the 50-DMA and 50% Fibonacci retracement level around 1.2130 appears the key hurdle for the GBP/USD buyers to cross to keep the reins.

Following that, the Cable pair’s run-up towards the 61.8% Fibonacci retracement level of late January to early March downturn and the mid-February swing high, respectively near 1.2205 and 1.2270 in that order, can’t be ruled out.

Meanwhile, the pullback move may initially aim for the one-month-old resistance-turned-support line, near 1.2030 at the latest, before poking the 21-DMA level of around 1.2020.

In a case where the GBP/USD bears keep control past 1.2020, the previous resistance line from February 02, near the 1.2000 psychological magnet at the latest, appears important to watch.

Even so, the GBP/USD pair sellers should remain cautious unless it breaks the nine-week-old horizontal support line near 1.1920-10.

GBP/USD: Daily chart

Trend: Further upside expected

 

Mar 13, 2023

EUR/USD bulls cheer SVB-led risk-on mood, easing hawkish Fed bets to cross 1.0700, US inflation, ECB eyed

EUR/USD rise to the highest levels in three weeks as an upbeat risk profile favors bulls amid early Monday. That said, the Euro pair advances nearly h
Read more Previous
Mar 13, 2023

Federal Reserve: Expect no rate hike in March – Goldman Sachs

The US Dollar has come under renewed selling pressure in Asia this Monday after Goldman Sachs revised downward its expectations of the US Federal Rese
Read more Next