Intraday Market Analysis – GBP Seeks Support.
GBPUSD falls into correction
The sterling fell back after a slowdown in Britain’s wage growth in November. Sentiment favors the pound after it rallied above the daily resistance at 1.3700.
However, an overbought RSI has cut back buyers’ appetite. A break below 1.3630 has prompted some traders to take profit, driving down the price.
As the RSI dips into the oversold zone, 1.3570 is the next support. A bearish breakout would send the pair to 1.3480 which sits on the 30-day moving average. 1.3660 is the immediate resistance when a rebound takes shape.
USDJPY struggles to bounce
The yen softened after the Bank of Japan signaled no shift in its ultra-loose monetary policy. The US dollar bounced off the critical floor at 113.50 from the daily chart.
A bullish RSI divergence revealed a deceleration in the downward impetus. The indicator’s oversold situation also attracted a number of bargain hunters.
A break above 114.70 suggests a strong interest in keeping the correction in check. 115.50 from the latest sell-off is a major hurdle and its breach could extend the rally to the recent peak at 116.30.
SPX 500 to test daily support
The S&P 500 extended losses over rising rate worries. The fall below 4640 invalidates the latest rebound and indicates that sentiment is still downbeat.
Below the psychological level of 4600, 4540 is a key support near last December’s lows on the daily chart. A bearish breakout would trigger a deeper correction towards 4400, the origin of the October rally.
An oversold RSI may cause a limited rebound. Nonetheless, the bulls need to clear offers around 4675 and then 4745 to gain momentum.
This information has been prepared by Orbex, a trading name of Orbex Group Limited. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Join Orbex and for all the support you need from an award-winning Forex Broker - https://bit.ly/2PsTjKM. Click here to join our telegram channel (t.me/DrForexOfficial1) and stay updated with the latest headlines.
Fihluz 19-03-2023 | 06:00 PM
purchase isotretinoin for sale isotretinoin 10mg oral order azithromycin without prescription
Jptejv 19-03-2023 | 06:00 PM
order albuterol 2mg generic amoxiclav generic augmentin 625mg over the counter
Gztxtl 17-03-2023 | 06:00 PM
ivermectin 1 cream order prednisone 10mg online cheap prednisone 40mg price
Hflefe 17-03-2023 | 06:00 PM
brand zofran 8mg amoxicillin 500mg pill order generic bactrim
Epaovk 15-03-2023 | 06:00 PM
order accutane generic isotretinoin without prescription oral ampicillin 250mg
Lfuzko 15-03-2023 | 06:00 PM
purchase sildenafil online pregabalin medication proscar 5mg brand