GBPUSD Struggles to stay on top in FX market
4/24/2018 4:19:52 PM
The GBPUSD is holding stable near the 1.3953 level after falling for five straight days as the USD flows in the broader FX markets, boosted by US Treasury yields.
The Pound is looking rather overreached on the recent bearish stretch, but with little change in the underlying fundamentals the short side is probable to stay in control, and as Jim Langland’s noted, " a break of 1.3927 would allow a run to the Mid-March lows at 1.3910/1.3888, below which there is not too much to stop a run to 1.3863.
On the topside, sellers will arrive today at minor levels at 1.3967 and 1.3973 ahead of 1.4005 and the Fibonacci level at 1.4036, and more out at 1.4107 though this appears unlikely to be seen again for a while. Take a nimble stance today, but technically it does appear that additional weakness pressure may come about, looking for a run towards 1.3960.
FOREX market analysis by FxErvin.