As evaluated in the prior market analysis, GBP/USD exhibits enduring bullish trends, buoyed by a weaker USD amid subdued inflationary pressures.
Technical Analysis:
GBP/USD has broken the pivotal support at 1.261, now turned resistance. The pair's trajectory aligns perfectly with the 0.618 Fibonacci level, suggesting a robust uptrend. Eyes are set on surpassing the recent zenith at 1.2660, a move which could catalyze further elevation.
Market Positioning:
In the wake of foundational shifts and the upcoming CPI report, we remain vigilant for buying opportunities, particularly if the pair sustains above 1.254. Institutionally, there's heightened interest in the pound, mirroring last week's COT report enthusiasm for the pound. Conversely, retail sentiment remains divided.
Key Observations:
Next resistance target at 1.2660
Support pivot at 1.254, bolstered by Fibonacci congruence
Await NFP report for potential volatility and direction cues
Outlook:
We are predisposed to a bullish stance, with the assumption that 1.254 will serve as a springboard for continued upward momentum. Nonetheless, vigilance is advised as the market digests incoming economic data and reassesses currency valuations.
Technical Analysis:
GBP/USD has broken the pivotal support at 1.261, now turned resistance. The pair's trajectory aligns perfectly with the 0.618 Fibonacci level, suggesting a robust uptrend. Eyes are set on surpassing the recent zenith at 1.2660, a move which could catalyze further elevation.
Market Positioning:
In the wake of foundational shifts and the upcoming CPI report, we remain vigilant for buying opportunities, particularly if the pair sustains above 1.254. Institutionally, there's heightened interest in the pound, mirroring last week's COT report enthusiasm for the pound. Conversely, retail sentiment remains divided.
Key Observations:
Next resistance target at 1.2660
Support pivot at 1.254, bolstered by Fibonacci congruence
Await NFP report for potential volatility and direction cues
Outlook:
We are predisposed to a bullish stance, with the assumption that 1.254 will serve as a springboard for continued upward momentum. Nonetheless, vigilance is advised as the market digests incoming economic data and reassesses currency valuations.