GBP/USD: March 2020 rally gaining traction
11:45 GMT - Short-term consolidation around the 1.3775 Fibonacci retracement has given way to fresh gains, whilst intraday and daily studies continue to improve, with prices now trading above 1.3800.
Focus is turning to 1.3900, but rising weekly and monthly charts highlight still further gains, and extension of the broad March 2020 rally towards historic congestion around 1.4000 and the 1.4030 weekly high of late April 2018. Both daily and weekly stochastics are already overbought, suggesting initial tests of here could give way to profit-taking pressure.
Meanwhile, support is raised to the 1.3759 monthly high of 27 January.
A close beneath here, if seen, would turn sentiment cautiously Neutral and delay gains, as focus then turns to congestion around 1.3700.
Focus is turning to 1.3900, but rising weekly and monthly charts highlight still further gains, and extension of the broad March 2020 rally towards historic congestion around 1.4000 and the 1.4030 weekly high of late April 2018. Both daily and weekly stochastics are already overbought, suggesting initial tests of here could give way to profit-taking pressure.
Meanwhile, support is raised to the 1.3759 monthly high of 27 January.
A close beneath here, if seen, would turn sentiment cautiously Neutral and delay gains, as focus then turns to congestion around 1.3700.
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