GBP / USD
The cable remains green and probes again above the barrier of 1.24 at the start of Thursday’s session, stimulated by a slight optimism on the market and mixed British data which did not deteriorate in an expected note .
A new advance has moved into the upper part of the range which lasts almost two weeks and spans a period between 1.2485 (March 27 high) and 1.2164 (April 7 low) .
Short-term action remains underpinned by the rise of 10DMA which attempts to form crosses with 30DMA and help the bulls, but daily technologies are still mixed (the upward momentum has started to fade, the stochastic heads to the north and the RSI is flat) and lack a clearer direction signal.
On the other side, a lethal cross of 55 / 20DMA is formed and should increase the pressure.
Fundamentals will again be the main driver, with the death toll on COVID 19 in the UK peaking and hope for the pandemic to rise, with news that PM Johnson’s condition is stable and keeps the cautiously optimistic mood.
A number of key events scheduled today would also impact the performance of the pound, however, a stronger direction signal should only be expected on a clear break on either side of the current range.
Res: 1.2420; 1.2485; 1.2516; 1.2648
Supper: 1.2365; 1.2322; 1.2287; 1.2231
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