Home Featured Intraday Analysis – GBP keeps high ground

Intraday Analysis – GBP keeps high ground

Intraday Analysis – GBP keeps high ground

GBPUSD continues higher

Sterling advanced after an upward revision to January’s growth in Britain. The pair is holding well after its break above 1.2440, the double top on the daily chart. 1.2350 has been established as a strong support. Closes above 1.2440 are a sign that bulls expect a new round rally. A break above the peak at 1.2520 may release bullish inertia and extend gains towards May 2022’s high of 1.2660. The RSI entered the overbought zone. 1.2480 It is the first line of support in the case of a retraction.

AUDUSD breaks higher

Last month, the Australian dollar rose as tightness in the labour market was continued. Sellers have covered their positions after successive breaks above the 0.6680 and 0.6730 levels, leaving more room for extension. Then a decisive close above this month’s high of 0.6790 may lay the groundwork for a bullish reversal in the medium-term. But before that, 0.6820 The next resistance is ahead, and the bulls might need to catch their breathe after the RSI shot up into the overbought area. 0.6750 The first level of follow-up purchase is expected. 

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