Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
28 Apr 2020

GBP/USD Price Analysis: Eases from 2-week tops, still well bid near 1.2500 mark

  • GBP/USD caught some aggressive bids on Tuesday and rallied to near two-week tops.
  • The technical set-up favours bulls and supports prospects for further near-term gains.

The GBP/USD pair caught some aggressive bids during the early European session on Tuesday and rallied over 120 pips from daily swing lows, around the 1.2400 round-figure mark.

The strong positive momentum took along some short-term trading stops near the 50% Fibonacci level of the 1.2648-1.2247 recent downfall and lifted the pair to near two-week tops.

The pair is now looking to build on the strength beyond the 1.2500 psychological mark, representing a confluence hurdle comprising of 61.8% Fibo. and a one-week-old ascending trend-line.

Meanwhile, technical indicators on the 1-hourly chart are flashing slightly overbought conditions and seemed to be the only factor holding traders from placing fresh bullish bets.

However, oscillators on the daily chart have just started moving into the bullish territory and support prospects for a further near-term appreciating move amid weaker USD.

Hence, any intraday pullback towards the 1.2470 might still be seen as a buying opportunity, which should help limit the downside near the 1.2450 region (50% Fibo. level).

That said, failure to defend the mentioned support levels might prompt some technical selling and drag the pair back towards challenging the 1.2400 confluence support.

The latter coincides with 38.2% Fibo. level and 200-hour SMA, which if broken decisively might be seen as a key trigger for bearish traders and negate the constructive outlook.

GBP/USD 1-hourly chart

fxsoriginal

Technical levels to watch

 

Apr 28, 2020

THB is expected to come under extra pressure – UOB

The Thai baht risks further depreciation in the short-term horizon, according to FX Strategists at UOB Group’s Quarterly Global Outlook. Key Quotes “W
Read more Previous
Apr 28, 2020

Oil Price Analysis: WTI stays under pressure, approaching $10.00 a barrel

Despite the general risk-on mood, WTI remains very weak after the bounce from historic lows to 18.00 a barrel (WTI futures June contract). As sellers remain in
Read more Next