OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD: Near-term consolidation before depreciation move

Last week’s downfall below the very important 200-day SMA might have already confirmed a near-term bearish bias on the GBP/USD pair, according to Haresh Menghani, an analyst at FXStreet.

Key quotes

“Slightly oversold conditions on the cable's short-term charts might hold investors from placing any aggressive bearish bets and help limit deeper losses, at least for the time being.” 

“It will be prudent to wait for some near-term consolidation or even a possible bounce before traders again start positioning for any further near-term depreciating move.”

“The 1.2300 round-figure mark now seems to act as immediate support and is followed by Friday’s swing lows, around the 1.2260 region.” 

“On the flip side, the 1.2400 mark, closely followed by daily tops, around the 1.2420 region might keep a lid on any attempted recovery.”


Copper Futures: A bounce remains on the table

Traders scaled back their open interest positions in Copper futures markets for yet another session on Friday, this time by nearly 4.4K contracts. On
Read more Previous

USD/CNH expected to extend the upside – UOB

In opinion of FX Strategists at UOB Group, USD/CNH is seen prolonging the upside momentum for the time being. Key Quotes 24-hour view: “The strong sur
Read more Next
Start livechat