All Articles Tagged - GBPUSD

Weekly Technical Outlook – USDJPY, GBPUSD, Nvidia

Posted on March 11, 2024 at 1:30 pm GMT

USD/JPY eyes 200-day SMA after dramatic downfall; US CPI next on the calendar GBP/USD resumes bullish outlook as UK jobs data loom Nvidia stock sinks the most in a while. Where next for the AI king? US CPI inflation –> USD/JPY February saw a jobs growth of 275k in the US, surpassing analysts’ expectations. However, a downward revision in previous readings and a rise in the unemployment rate, along with slowing wages, fueled rate cut projections and led to more selling [..]

Market Comment – Gold shines, dollar languishes after mixed US payrolls

Posted on March 11, 2024 at 9:35 am GMT

Dollar in limbo after mixed signals from US employment report Japanese yen and British pound capitalize most on dollar’s troubles Gold hits another record, but high-flying stocks correct lower Dollar directionless after jobs data The US labor market continues to cool, keeping the Fed on track to slash interest rates in the summer. Nonfarm payrolls overcame forecasts in February, clocking in at 275k. However, the rest of the employment report was disappointing with big negative revisions to previous months, the [..]

Pound eyes UK jobs and GDP data eyed after underwhelming budget – Preview

Posted on March 8, 2024 at 12:54 pm GMT

UK labour market in the spotlight as wage pressures remain elevated GDP data to also be watched as UK in technical recession Pound starts March on firmer footing, will the data support further gains? Employment report is due Tuesday and GDP figures on Wednesday at 07:00 GMT Stagnation vs recession The British economy along with Japan became the first of the major economies in the post-pandemic era to slip into a technical recession in the second half of 2023. Germany [..]

Week Ahead – US CPI to headline dull week, may spoil the calm

Posted on March 8, 2024 at 12:19 pm GMT

US inflation and retail sales data to take the spotlight as dollar slips UK jobs and GDP numbers coming up too amid recession woes Will markets hold their nerve before the looming central bank storm? Will CPI report cause a sticky problem for the Fed? The US Federal Reserve doesn’t meet until March 20 for its next policy decision and with the jobs report out of the way, all eyes are now on the CPI numbers for February due Tuesday. [..]

Technical Analysis – GBPUSD gears up for a test of upper level of trading range

Posted on March 6, 2024 at 2:18 pm GMT

GBPUSD remains within medium-term sideways channel Technical signs boost bullish confidence GBPUSD rebounded off the long-term supportive trend line once again and is completing the fourth consecutive green day, remaining within the more than three-month trading range of 1.2520-1.2785. According to technical oscillators, the MACD is trying to strengthen its momentum above its trigger and zero lines, while the RSI is gaining ground above its 50 level. A move to the upside may meet resistance around 1.2785, this being the [..]

Market Comment – Gold hits new records ahead of Powell’s testimony

Posted on March 6, 2024 at 9:38 am GMT

Gold soars to new record highs as Fed chief prepares to testify Bitcoin also hits all-time peaks, but retreats alongside tech stocks Bank of Canada rate decision and UK budget on the menu too Gold shines, will Powell help? Gold prices cruised to new record highs on Tuesday, extending a blistering rally that has seen the precious metal gain over 4% already this month. A round of disappointing US data releases lately has reignited hopes of interest rate cuts, pushing [..]

Technical Analysis – GBPUSD battles with SMAs within sideways channel

Posted on March 5, 2024 at 8:12 am GMT

GBPUSD continues its consolidating move Medium-term uptrend line acts as strong support GBPUSD is still holding near the mid-level of the medium-term trading range of 1.2520-1.2785. The pair is battling with the 50-day simple moving average (SMA) at 1.2673 again, with the technical oscillators suggesting weak momentum on price. The MACD is flattening near its trigger and zero lines, while the RSI is pointing slightly down, trying to cross below the 50 level. In the case of more notable gains, [..]

Week Ahead – ECB decision and US payrolls to steal the show

Posted on March 1, 2024 at 10:32 am GMT

Nonfarm payrolls and Powell’s testimony will be crucial for US dollar European Central Bank could set the stage for summer rate cuts Bank of Canada decision and UK budget announcement also in focus Dollar braces for US payrolls Riding high on a wave of US economic resilience, the dollar is currently the best-performing major currency this year, having gained nearly 3% against a basket of currencies in a couple of months. This stellar performance reflects an impressive US economy. [..]

Technical Analysis – GBPUSD flirts with uptrend line

Posted on March 1, 2024 at 10:03 am GMT

GBPUSD recoups come ground in the 4-hour chart RSI points up but MACD heads south GBPUSD is ready for an upside correction after it found support at the 1.2610 barrier and is currently testing the penetrated rising trend line in the 4-hour chart. The RSI is pointing upwards below the neutral threshold of 50; however, the MACD is strengthening the downward momentum beneath its trigger and zero lines. In the case that the market surpasses the diagonal line, the price [..]

Market Comment – Kiwi plunges on RBNZ’s dovish turn, Wall Street consolidates

Posted on February 28, 2024 at 9:56 am GMT

Aussie and kiwi take a dive as Australian CPI, RBNZ ease rate hike fears China’s property troubles also weigh Wall Street and dollar await PCE data for direction RBNZ disappoints hawkish bets The Reserve Bank of New Zealand did not live up to the hawkish expectations that had been building up in the run up to today’s interest rate decision. Despite the recent hawkish commentary from Governor Orr and much speculation that the next move in the OCR is more [..]

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