Started by PocketOption, Feb 04, 2023, 11:22 am
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The pound fell back after the BoE hinted at a slower tightening as inflation seemed to have peaked. The medium-term outlook still supports the recovery theme after the pair bounced off 1.1900. The recent choppy action below the mid-December high of 1.2450 could be a mere consolidation phase even though short-term volatility cannot be ruled out. On the hourly chart, a break below 1.2270 would lead to 1.2170, forcing intraday bulls to reconsider. A close above 1.2300 is needed to alleviate the downward pressure.
The US dollar recoups some losses as traders await nonfarm payrolls. On the daily chart, the 20 and 30-day SMAs have acted as strong resistance, and the consolidation area around 0.9100 from late 2021 so far has failed to offer meaningful support. The short-term price action led to a bounce as the RSI's double dip in the oversold area prompted some sellers to take profit, driving the price up momentarily. 0.9200 is the first hurdle ahead and a fall back below 0.9050 would expose the psychological level of 0.9000.
The Nasdaq 100 rallies as investors keep going risk-on. The rally further gained traction after its surge above December's high of 12200. Strong momentum is a sign that the bears are staying on the sidelines. The bullish drive supported by a rising trend line has made an attempt at last September's peak of 12880. The RSI's overbought condition may lead to a brief pause but trend followers might be eager to keep the direction intact. 12050 at the base of the latest rally sits on the trend line, making it an important floor.
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