All Articles Tagged - GBPUSD

Technical Analysis – GBPUSD’s rebound stalls at 50-day SMA

Posted on February 27, 2024 at 8:48 am GMT

GBPUSD bounces off 200-day SMA and regains ground But its advance meets strong resistance at 50-day SMA Momentum indicators turn slightly positive GBPUSD has been stuck in a rangebound pattern since mid-November, unable to adopt a clear directional impetus. Despite falling towards the lower end of the range in February, the pair managed to fight back after encountering strong support at the 200-day simple moving average (SMA). Given that the short-term oscillators are providing cautiously positive signals, the bulls might attempt to [..]

Technical Analysis – GBPUSD tries to strengthen bullish move above SMAs

Posted on February 23, 2024 at 7:29 am GMT

GBPUSD rebounds off 200-day SMA But still holds in trading range in short-term RSI and MACD have weak momentum GBPUSD is making an attempt to climb above the short-term simple moving averages (SMAs), posting three straight green days but is still developing within the three-month trading range of 1.2520-1.2785. According to technical oscillators, the MACD jumped above its trigger line but is still standing beneath its trigger line with weak momentum, while the RSI is moving sideways above its neutral [..]

Technical Analysis – GBPUSD surrenders gains after touching key barrier

Posted on February 22, 2024 at 4:15 pm GMT

GBPUSD erases daily gains after touching 1.2700 Technical signals cannot promise recovery GBPUSD turned red after getting rejected near the 1.2700 psychological mark and the descending trendline from July 2023, which has been actively cooling bullish actions so far this year. The price is currently struggling to return above the 20-day simple moving average (SMA) at 1.2624 and the technical indicators cannot provide much optimism either as the RSI keeps hanging below its 50 neutral mark and the MACD [..]

Market Comment – Fed minutes confirm caution about lowering rates

Posted on February 22, 2024 at 9:46 am GMT

Fed minutes reveal concerns about lowering rates too soon Rate cut bets are pushed back but dollar remains unimpressed Kiwi continues to gain on increasing RBNZ hike speculation Wall Street closes mixed, Nvidia beats earnings estimates Dollar slides further despite hawkish Fed minutes The dollar traded lower against all but one of its major counterparts yesterday, with the New Zealand dollar being once again the main gainer and the Japanese yen the exception. The minutes of the latest FOMC decision [..]

Weekly Technical Outlook – USDJPY, EURUSD, GBPUSD

Posted on February 19, 2024 at 12:22 pm GMT

Will USDJPY find its next bullish catalyst this week to resume its uptrend? EURUSD stays victim to the dollar; needs significant gains to violate downtrend GBPUSD supported, but not bullish yet; focus on 1.2700 region FOMC meeting minutes, S&P Global business PMIs –> USDJPY In response to upbeat US data, investors have almost convinced themselves that the Fed will not deliver its first rate cut in spring while they are also undecided whether June’s policy meeting will be the right [..]

Week Ahead – Fed minutes headline a data-heavy week

Posted on February 16, 2024 at 10:26 am GMT

Dollar shines after inflation surprise, awaits latest Fed minutes In Europe, business surveys will be crucial for euro and sterling Canadian and Australian data releases also on the agenda Fired up dollar turns to FOMC minutes It was a beneficial week for the US dollar, which charged higher after data revealed US inflation is not cooling down as quickly as investors had hoped. Traders were forced to unwind bets of imminent Fed rate cuts in the aftermath, lending [..]

Market Comment – Rate cut bets boosted by surprise dip in US retail sales

Posted on February 16, 2024 at 10:19 am GMT

‘Higher for longer’ fears ease as US consumers spend less Pullback in yields propels S&P 500 to another record close Dollar softness props up euro as ECB doves get more vocal Early rate cut hopes thrown a lifeline After a string of upbeat data on the US economy, investors almost breathed a sigh of relief on Thursday when the latest retail sales numbers disappointed, calming nerves about an overheating economy. Rate cut expectations have suffered several setbacks since January amid [..]

Market Comment- US retail sales in focus after UK and Japan slip into recession

Posted on February 15, 2024 at 9:35 am GMT

Goolsbee says Fed is on track even with inflation a bit higher Dollar pulls back, US retail sales enter the limelight Pound wounds deepen as UK economy slips into recession Yen gains on fears of intervention, despite Japan’s downturn Dollar retreats on Goolsbee’s remarks, US retail sales on tap The US dollar pulled back against all but one of its major peers on Wednesday, as traders may have decided to consolidate gains after Tuesday’s hotter-than-expected US inflation data and ahead [..]

Technical Analysis – GBPUSD edges down as the UK slips into mild recession

Posted on February 15, 2024 at 8:47 am GMT

GBPUSD holds above key support trendline despite disappointing UK GDP data Short-term trend deteriorates, but confirmation needed below 1.2500 GBPUSD remained squeezed between the 1.2563 resistance and the key support trendline from the 2022 record low in the four-hour chart despite the UK economy falling into a mild technical recession in Q4 2023. The market trend is leaning on the downside as the price has already printed a lower low at 1.2517 and a lower high at 1.2682. On [..]

Market Comment – Sticky US inflation fuels the dollar’s engines

Posted on February 14, 2024 at 9:35 am GMT

Dollar rallies across the board after higher-than-expected CPIs Investors scale back their rate cut bets, get closer to Fed’s dot plot Dollar/yen surges above 150, triggers intervention warnings Pound extends declines after UK CPIs, awaits tomorrow’s GDP March out of Fed rate cut map as US inflation proves sticky The US dollar surged against all its major counterparts on Tuesday as the US CPI data revealed that inflation in the world’s largest economy is not cooling as fast as expected. [..]

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