intraday support

Technical Market Outlook: The GBP/USD pair had made the last swing low at the level of 1.2308 as the market is still under the bearish pressure, but the bulls have managed to retrace 61% of the last wave down and hit the level of 1.2540. The market is trading above the 50 and 100 MA already.   The intraday technical support is located at 1.2517. The momentum is strong and positive on the H4 time frame chart, which supports the bullish short-term outlook for GBP, however the extremely overbought market conditions had been hit, so the pull-back might occur any time soon.     Weekly Pivot Points: WR3 - 1.23581 WR2 - 1.23505 WR1 - 1.23473 Weekly Pivot - 1.23429 WS1 - 1.23397 WS2 - 1.23353 WS3 - 1.23277   Trading Outlook: A Bearish Engulfing candlestick pattern on the Weekly time frame chart 100 pips away from the 61% Fibonacci retracement located at the level of 1.2778 might indicate the corrective cycle to the upside had been terminated. Any sustained breakout below the technical support at 1.2444 will be the first indication of stronger bearish pressure.

Georgieva also entered the topic of cryptocurrencies. She emphasized that in her eyes these are rather "speculative" assets, not currencies. This should not surprise us, because the institution managed by it has long approached bitcoin with reserve.   She opposed, for example, the adoption of bitcoin in El Salvador and the recognition by the government of President Nayib Bukele of cryptocurrency as a means of payment. The IMF claimed that the government's policy would worsen the country's economic situation. As we know, that didn't happen. On the contrary: Bukele's actions improved the image of his country and strengthened local tourism. This does not change the fact that the IMF will rather not seek to strengthen bitcoin adoption, because politicians cannot control cryptocurrencies to the same extent as CBDC. Georgieva also entered the topic of cryptocurrencies.   She emphasized that in her eyes these are rather "speculative" assets, not currencies. This should not surprise us, because the institution managed by it has long approached bitcoin with reserve. She opposed, for example, the adoption of bitcoin in El Salvador and the recognition by the government of President Nayib Bukele of cryptocurrency as a means of payment. The IMF claimed that the government's policy would worsen the country's economic situation. As we know that didn't happen.   On the contrary: Bukele's actions improved the image of his country and strengthened local tourism. This does not change the fact that the IMF will rather not seek to strengthen bitcoin adoption, because politicians cannot control cryptocurrencies to the same extent as CBDC. Technical Market Outlook: The ETH/USD pair has broken above the technical resistance located at the level of $1,758 and hit the 61% Fibonacci retracement level located at $1,811. The local high was made at the level of $1,825 (at the time of writing the analysis).   The intraday technical support is seen at the level of $1,777, so please keep an eye on this level as the pull-back can happen soon. The market conditions are extremely overbought on the H4 time frame chart. Please notice, the Ethereum market rallied over 12% from the low made at the level of $1,620.      

Technical Market Outlook: The GBP/USD pair has hit the technical support located at the level of 1.2698 and the bulls keeps trying to bounce higher to resume the up trend. The local low was made a few pips lower at 1.2684 and will act as the intraday technical support. The 50 MA will provide the dynamic resistance for bulls around the level of 1.2766 when the up trend is resumed.   The weak and negative momentum on the H4 time frame chart support short-term bearish outlook for GBP, but the bulls keep trying to move up. The pull-back might evolve into a full-blown correction if the level of 1.2684 is broken.