Today's update on the GBP/USD pair.
TECHNICALS:
Cable faced some strong demand in the last few hours after reaching a major H1 structural support. Recently, the H1 downtrend showed strength and accelerated to the H1 support, but the pullback formed a higher high and doesn't really show much decision to break below the 1.3013 level.
A break below the 1.3085 structural resistance could push the price to 1.3122 and 1.3170.
POSITIONING:
Pound remains in demand with the total bearish positioning decreasing the previous week among all reported market participants. Open interest stays at 1.4K.
INTEREST RATES:
Interest rates are showing a slight bullish divergence with the price which could provide some support in the short run.
RISK SENTIMENT:
Risk appetite is mixed to slightly positive today, with most major indices closing in the green, and safe-havens slightly lower. This could provide some support for the pair.
UPCOMING ECONOMIC REPORTS:
No major economic reports scheduled for today.
== SUMMARY ==
My traders and I remain bullish on GBP/USD. Friday's USD strength is slowly reversing today as expected, but we need a close above 1.3085 (fresh HH) to consider a buy.
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TECHNICALS:
Cable faced some strong demand in the last few hours after reaching a major H1 structural support. Recently, the H1 downtrend showed strength and accelerated to the H1 support, but the pullback formed a higher high and doesn't really show much decision to break below the 1.3013 level.
A break below the 1.3085 structural resistance could push the price to 1.3122 and 1.3170.
POSITIONING:
Pound remains in demand with the total bearish positioning decreasing the previous week among all reported market participants. Open interest stays at 1.4K.
INTEREST RATES:
Interest rates are showing a slight bullish divergence with the price which could provide some support in the short run.
RISK SENTIMENT:
Risk appetite is mixed to slightly positive today, with most major indices closing in the green, and safe-havens slightly lower. This could provide some support for the pair.
UPCOMING ECONOMIC REPORTS:
No major economic reports scheduled for today.
== SUMMARY ==
My traders and I remain bullish on GBP/USD. Friday's USD strength is slowly reversing today as expected, but we need a close above 1.3085 (fresh HH) to consider a buy.
Please hit the "LIKE" button if you find this post useful. Also, don't forget to follow to get more trade ideas like this. Thanks!
