Dollar hits 16-month peak in forex markets as other currencies sufferDollar hits 16-month peak in forex markets as other currencies sufferDollar hits 16-month peak in forex markets as other currencies suffer

The GBP/USD pair once again showed some resilience below the 1.2200 round-figure mark on Thursday and witnessed a solid rebound from support marked by 61.8% Fibonacci level of the 1.1958-1.2583 recent strong move up. The intraday buying interest picked up some pace in the last hour and lifted the pair to fresh session tops, levels beyond mid-1.2200s.   The mentioned region coincides with 50% Fibo. level and is closely followed by 200-hour SMA near the 1.2285 region – overnight swing high. A sustained move beyond the mentioned barriers might be seen as a key trigger for bullish traders and set the stage for a further intraday appreciating move towards 38.2% Fibo. level resistance – around the 1.2345 region.   Meanwhile, technical indicators on the 1-hourly chart have been scaling higher and also recovered from the negative territory on the 4-hourly chart, reinforcing the intraday bullish bias. However, oscillators on the daily chart maintained their bearish bias and warrant some caution before placing any aggressive bullish bets amid persistent Brexit-related uncertainties.   Alternatively, rejection slide from the current resistance area, leading to a subsequent slide below the 1.2235 horizontal zone might now accelerate the slide back towards the 1.2200 handle. Failure to defend the mentioned 61.8% Fibo. Asset Gates broker scam level support might inspire bears to drag the pair further towards the 1.2160 intermediate support ahead of the 1.2110-1.2100 region.Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .