The selling bias around the Sterling remains well and sound at the beginning of the week and is now forcing GBP/USD to threaten the psychological 1.40 support. Presently, how does the pair trade? Gain insight into this 23 April GBPUSD Trading Outlook.
23 April, ADS Securities – The Pound traded lower against the US Dollar on Friday, after comments from the Bank of England (BoE) Governor Mark Carney hinted that the central bank could hold back its decision to raise interest rates next month, on the back of downbeat economic data and Brexit uncertainty.
23 April GBPUSD Trading Outlook
Presently, the pair is trading with a slight upside tone on the 1H chart, reflecting on a positive technical picture. Additionally, the MACD indicator is directing towards the north, further supporting the above view.
Important resistance is aligned at the 1.4045 level, followed by the 1.4085 where EMA 55 is trading and 1.4120 level. A break and stability above the latter might lead to positive momentum in the pair. On the contrary, key technical support is observed at the 1.3980 level, followed by the 1.3955 and 1.3920 levels.
ADS Securities Risk Disclaimer
This article was provided by analysts of ADS Securities.
Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.