GBP/USD treads water around 1.2260 during Friday’s Asian morning, following the last two days’ dormancy inside a falling triangle bullish formation.
Adding strength to the Cable pair’s upside bias is the firmer RSI and a six-week-old horizontal support area that also comprises the stated triangle’s lower line.
That said, the GBP/USD buyers need validation from 1.2285 to trigger the upside momentum. Even so, the 100-SMA could test the bulls around 1.2345.
In a case where the quote rises past 1.2345, the previous weekly top surrounding 1.2405 and multiple troughs marked during late May and early June, around 1.2470 could challenge the pair’s further advances.
On the contrary, a downside break of the 1.2160 could quickly fetch the GBP/USD prices towards the 23.6% Fibonacci retracement level of the May-June downside, near 1.2100.
The bearish bias, if persist past 1.2100, won’t hesitate to challenge the yearly low surrounding 1.1933. During the fall, the 1.2000 psychological magnet could offer an intermediate halt.
Overall, GBP/USD is up for consolidating recent losses ahead of the UK Retail Sales for May.
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EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory.
GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data.
Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.
ADA set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.
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