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Market View

GBPUSD failed to breakout 78.6% again!

Thursday, April 12, 2018 9:55 AM GMT

Geopolitical worries continue to affect investors, following U.S. President Donald Trump’s decision on Wednesday for a missile attack on Syria. In addition, traders weighed minutes from the Fed’s March meeting that was announced after European markets closed yesterday. The news indicated that Fed members are expecting the U.S. economic growth and inflation to remain positive, underlying the necessity for tighter policy.

Later today traders have an additional interest for BOE Carney’ speech, which can offer fresh insights on the fiscal policy.

Regarding the technical view of Cable, it stalled one more time below 78.6% Fibonacci level. It’s obvious that 1.4209 level is critical for the market. Traders should pay attention to Stochastics as is giving a bearish crossing signal above 80 level. The 5 EMA acts a short-term support on the daily timeframe.

Daily

Heading to the hourly timeframe, we have noted a major intraday support where bulls may have a potential buying opportunity if the price continues lower.

Hourly

(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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