Pound Sterling Rises on Soft US Data, Hawkish Warsh Comments Limit Gains
- Soft US Economic Data: Data released on Tuesday indicated a dip in US consumer confidence in March and durable goods orders fell short of analyst expectations, which weighed on the dollar and allowed GBP/USD to rise above 1.2650 during European trading, reflecting market concerns over a cooling US economy.
- Warsh's Hawkish Remarks: In a speech at a financial conference, former Fed governor Kevin Warsh cautioned against premature rate cuts, emphasizing that inflation remains 'sticky' in certain sectors, which capped the pound's upside and reinforced a cautious outlook for US monetary policy.
- Challenging Trading Environment: Forex traders are facing conflicting signals; while the pound benefits from a softer dollar narrative, uncertainty over the Fed's next moves limits its upside, with the market now pricing in a roughly 60% chance of a rate cut by June, down from 70% earlier this month.
- Upcoming Data Focus: The pound's next major test will come later this week with the release of UK GDP revisions and US PCE inflation data, both of which could set the tone for the short-term direction of GBP/USD.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for OP
Technical Sentiment Analysis for Optimism (OP). As of , Optimism (OP) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for OP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, OP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Optimism (OP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0742 | 0.0836 | 0.0927 | 0.102 | 0.111 | 0.121 | 0.13 |
| Fibonacci | 0.0836 | 0.0906 | 0.095 | 0.102 | 0.109 | 0.113 | 0.121 |
About OP
About the author
