Delta Airlines’ stock price (DAL) fell in the intraday levels while trying to gather positive momentum to rise anew, as it leaned on the support of the 50-day SMA, amid the dominance of the main upward trend while the stock trades alongside the secondary short-term trend line, as a positive divergence forms in the RSI after reaching oversold levels compared to the stock’s movements, sending out positive signals. 

Therefore we expect the stock to return higher and target the pivotal resistance of $69.98, provided the support of $60.40 holds on.

Trend forecast for today: Likely Bullish

Created on February 20, 2025

• During the early hours on Wednesday, we saw the British Pound rally a bit against the US Dollar, but it has since rolled over to show signs of hesitation.
• I’ve been waiting to see whether or not the sellers would come back in, because despite the fact that the British Pound is doing much better than most other currencies, the question then becomes whether or not it can actually overtake the dollar.
• With the Federal Reserve out there and showing no signs of slowing down its restrictive monetary policy, it’s difficult to imagine a scenario where the US dollar gives up too much strength in the near term.

Central Banks

The Bank of England has started cutting rates already, so it’s a little bit of a confusing move until you look at the overall length of the trend and the fact that we got a little over extended and then realize that this bounce was probably needed.

Ultimately, this is a market that is currently stuck between the 50 day EMA and the 200 day EMA, which of course is an area where you see a lot of volatility and noisy trading in at times. If we were to drop from here and break down below the 1.25 level, we would not only be breaking down below a significant large round number, but also below the crucial 50 day EMA.

In that environment, I expect the British pound to not only drop to the 1.2350 level, but perhaps even the 1.21 level where we had bounced from. Alternatively, if we turn around and break above the 200 day EMA at the 1.27 region, then we test the 1.2750 level. Once we get beyond that, then I think the trend has completely changed. Right now, though, it looks like a bit of profit taking is going on and there is a lack of upward momentum.

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Created on February 20, 2025

• The US dollar has drifted a little bit lower during the trading session on Wednesday as we continue to see a lot of noisy behavior.
• It’s worth noting that the 200 Day EMA has offered resistance, and now it looks like we are going to continue to see this area as being important.
• The pullback in the USD/JPY pair goes right along with the last couple of weeks, as the Bank of Japan is more worried about inflation than they had been previously.

Technical Analysis

I believe that the technical analysis for this market is likely to continue to show signs of hesitation for momentum to the upside, but I don’t necessarily think it’s ready to break down significantly from here. The ¥150 level underneath is a major support level, and as long as we can stay above there, then I think you have a reasonable chance for the US dollar to pick up momentum, as the interest rate differential between the 2 currencies is fairly wide. Even if the Bank of Japan were to raise rates by 25 basis points, the reality is that you still get paid to hang on to this pair, and it is probably only a matter of time before the market starts focusing on that again.

Nonetheless, this is a market that hasn’t shown itself to be reliably bullish yet, and I need we need to get the market to close above the ¥152.50 level, and therefore if we take off above there, then the market could go looking to the 50 Day EMA, and then perhaps the ¥155 level after that. Anything above there would have the Japanese yen being eviscerated by the US dollar.

Ultimately, this is a market that I think continues to be very noisy, and choppy to say the least. However, I will keep an eye on that ¥150 level, as it is a large, round, psychologically significant figure, and an area that’s been both support and resistance, so therefore I think you’ve got a situation where noise and back and forth continues to be the case.

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• GBP/USD trades near 1.2600 in the European session on Wednesday.
• Annual CPI inflation in the UK climbed to 3% in January. 
• The pair’s technical outlook points to a loss of bullish momentum.

GBP/USD struggles to hold its ground and trades marginally lower on the day at around 1.2600 in the European session on Wednesday. The pair’s technical outlook highlights a loss of bullish momentum.

The data published by the UK’s Office for National Statistics (ONS) showed on Wednesday that annual inflation in the UK, as measured by the change in the Consumer Price Index (CPI), climbed to 3% in January from 2.5% in December. This reading came in above the market expectation of 2.8%. Other details of the report showed that the Services CPI declined by 0.2% on a monthly basis, not allowing Pound Sterling to benefit from the stronger-than-forecast headline CPI reading.

In the second half of the day, the Federal Reserve (Fed) will release the minutes of the January policy meeting.

In case the publication shows that policymakers are willing to wait until the second half of the year before considering another rate cut, the immediate reaction could support the USD. On the other hand, investors could ignore this document if it just repeats that policymakers agree on the need for a cautious approach to policy easing. According to the CME FedWatch Tool, markets nearly fully price in a policy hold in March.

Meanwhile, investors will continue to pay close attention to risk perception. At the time of press, US stock index futures were trading flat. In case markets turn cautious with Wall Street opening on a bearish note, GBP/USD could continue to stretch lower.

GBP/USD Technical Analysis

The Relative Strength Index (RSI) indicator on the 4-hour chart declines toward 50, reflecting a loss of bullish momentum. On the downside, 1.2530 (Fibonacci 61.8% retracement level of the latest downtrend) aligns as first resistance before 1.2500 (round level, static level) and 1.2470 (100-period Simple Moving Average).

Looking north, first resistance could be spotted at 1.2650 (Fibonacci 78.6% retracement) before 1.2700-1.2710 (round level, static level).