All Articles Tagged - GBPUSD

Technical Analysis – GBPUSD plummets to 2-month low

Posted on February 6, 2024 at 8:14 am GMT

GBPUSD tests 200-day SMA after strong sell-off Prices break trading range to the downside Outlook looks bearish in short-term GBPUSD plunged to a new almost two-month low of 1.2517 on Monday’s session, falling beneath the short-term trading range and the 200-day simple moving average (SMA). Currently, the market is recovering some losses with the RSI confirming the recent upside move as it is ticking slightly up below 50. On the other hand, the MACD oscillator is losing momentum beneath its [..]

Technical Analysis – GBPUSD tumbles below key support of 1.2605

Posted on February 5, 2024 at 2:10 pm GMT

GBPUSD falls below the lower bound of a range Both the RSI and the MACD detect bearish momentum For the picture to brighten, a break above 1.2800 may be needed GBPUSD fell sharply on Friday following the astounding US nonfarm payrolls and continued tumbling today, breaking below the key support of 1.2605, which acted as the lower boundary of the sideways range that was containing the price action since December 14. This could serve as an invitation for more bears [..]

Market Comment – Stocks rally ahead of NFP report, pound climbs after BoE caution

Posted on February 2, 2024 at 10:35 am GMT

Wall Street bounces back as earnings beats more than offset disappointments Dollar struggles as mixed US data sets the tone ahead of January jobs report Pound edges up after Bank of England’s Bailey urges caution over rate cuts Wall Street shrugs off blurry outlook Wall Street staged a comeback on Thursday after suffering its worst day since September in the aftermath of the FOMC decision on Wednesday. There was no clear catalyst for yesterday’s rebound as neither the data nor [..]

Technical Analysis – GBPUSD rises but not enough to change neutral phase

Posted on February 2, 2024 at 8:09 am GMT

GBPUSD holds above SMAs MACD and RSI show some positive signs Outlook is still neutral GBPUSD had a strong bounce off the 1.2625 support level on Thursday’s session, meeting again the 1.2755 critical level after jumping above the simple moving averages (SMAs). According to technical oscillators, the RSI is moving sideways above the neutral threshold of 50 and is ticking marginally up. The MACD oscillator is strengthening its positive momentum above its trigger and zero lines. Traders will be eagerly [..]

Technical Analysis – GBPUSD relies on support levels as bears stay in play

Posted on February 1, 2024 at 9:24 am GMT

GBPUSD exposed to more declines in the short-term Outlook to stay neutral as long as the price holds above 1.2485 BoE policy announcement due at 12:00 GMT GBPUSD came under renewed downside pressure on the first trading day of February, feeling the blues from Powell’s hawkish rate message. The pair is currently testing the short-term support trendline from December’s lows at 1.2647, but the technical indicators cannot guarantee a rebound in the coming sessions. The RSI has slid below its 50 [..]

Market Comment – Powell pushes back on March rate cut, BoE on tap

Posted on February 1, 2024 at 9:12 am GMT

Fed’s Powell says March rate cut not the “base case” Dollar gains, but Treasury yields slide BoE to stand pat, focus to fall on guidance Wall Street tumbles, awaits more earnings results Dollar gains on less-dovish-than-expected Fed The US dollar gained against all but two of its major counterparts yesterday, losing ground only against the yen and ending the day virtually unchanged against the franc. The main losers were the aussie and the loonie. What added fuel to the greenback’s [..]

Market Comment – Stocks, dollar steady after goldilocks data as Fed awaited

Posted on January 29, 2024 at 10:31 am GMT

Stocks perky ahead of Fed decision as US data and China measures lift optimism Dollar and yields little changed after goldilocks reports, NFP eyed next Oil and gold spike on geopolitical concerns amid fresh ME tensions Markets await direction from the Fed Stocks were mixed on Monday amid a cautiously risk-on tone ahead of a very busy week for the markets that’s expected to get heated up mid-week by the Fed’s policy decision, culminating with the latest payrolls report on [..]

Weekly Technical Outlook – USDJPY, EURUSD, GBPUSD

Posted on January 29, 2024 at 8:52 am GMT

Fed meeting in focus with USDJPY remaining under pressure Positive NFP report may drive EURUSD lower BoE to keep rates unchanged as GBPUSD consolidates Fed policy meeting –> USDJPY The most important event this coming week will be the January policy meeting of the Federal Reserve. Investors are still sure that a dovish turn is on the way. Since there won’t be any changes to policy and there won’t be a dot plot to look at, investors will be listening to [..]

Could BoE maintain its hawkish stance? – Preview

Posted on January 29, 2024 at 8:32 am GMT

The BoE meets on Thursday but low expectations for significant announcements Quarterly projections could support market expectations for rate cuts Pound would benefit against the US dollar from a hawkish BoE meeting First rate-setting meeting for 2024 The Bank of England holds its first gathering for 2024 on Thursday at 12:00 GMT, a day after the respective Fed meeting. The same setup in December 2023 proved favourable for the pound as during the December 13-15 sessions it managed to record [..]

Technical Analysis – GBPUSD eyes key resistance within neutral zone

Posted on January 26, 2024 at 1:20 pm GMT

GBPUSD picks up steam, heads towards important resistance Technical signals improve, but market structure is still neutral GBPUSD has been trading with stronger positive momentum over the past couple of hours, aiming to reach July’s resistance trendline, which capped Wednesday’s pickup at 1.2773. The upside reversal in the RSI and the upturn in the stochastic oscillator are endorsing the bullish action in the price, though the ongoing sideways move, which started in mid-December, is showing no cracks at the [..]

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