All Articles Tagged - GBPUSD

Forex News – Dollar gathers tailwinds as White House departures continue

Posted on August 21, 2017 at 3:14 pm GMT

Steve Bannon, known as the brain power behind Trump’s nationalistic ideology, has mutually agreed to exit the position of the Chief Strategist at the White House on Friday, extending the list of people departing from the Trump’s inner circle. With the board of directors being replaced frequently, as never happened before, uncertainty around Trump’s administration has been escalating, dragging the dollar into further losses. Following numerous resignations last weekend, with the CEO of two business councils leaving their positions in [..]

Forex Market Review (European Session) – Dollar under fresh pressure; euro back above $1.18 as Draghi speech eyed

Posted on August 21, 2017 at 2:53 pm GMT

Major pairs were locked in tight ranges on Monday as a light economic calendar and thin summer trading volumes, as well as caution ahead of the Jackson Hole gathering of central bankers prevented traders from placing large bets. Keynote speeches by both Fed Chair Janet Yellen and ECB President Mario Draghi later in the week kept traders wary despite there being a consensus that neither will deliver any new policy messages at the event in Wyoming, United States on August [..]

Forex Market Review (Asian Session) – Washington drama continues to weigh on markets, investors await Jackson Hole

Posted on August 21, 2017 at 7:40 am GMT

In the absence of any significant economic data releases during today’s Asian trading, the political drama surrounding President Trump continued to take central stage. The President fired his chief strategist Steve Bannon on Friday and in that way continued the string of staff shake up in the White House. The key event of this week will be the meeting of central bankers in Jackson Hole towards the end of the week. Late on Friday, markets got another news out of [..]

Forex Market Review (European Session) – Loonie spikes on rising inflation; consumer sentiment provides some relief to weak dollar

Posted on August 18, 2017 at 2:56 pm GMT

Ahead of the US session open, a jump in the Canadian dollar was one of the biggest moves of the day following the inflation figures out today. The release of the Michigan consumer sentiment index that surprised to the upside provided an early lift to the weak dollar. However, the greenback was still down against most majors due to a heavy plunge in the prior few sessions. The dollar index fell around 0.30% to last trade at 93.36. The Canadian [..]

Forex Market Review (Asian Session) – Geopolitical issues command forex markets again in absence of economic data

Posted on August 18, 2017 at 7:30 am GMT

In the absence of any significant economic data releases during the Asian session, political turmoil out of Washington and a terrorist attack in Spain dominated the news-flow in forex markets. The dollar weakened against most major currencies, with the yen getting a relatively significant boost. Investors’ concerns over the Trump administration’s ability to realize any of the campaign-promised agenda were renewed this week. Following President Trump’s remarks on violence in Virginia, many CEO’s stepped down from business councils run by [..]

Forex Market Review (European session) – Euro slides to 3-week lows on ECB overshoot concerns; dollar weighed by Trump, Fed

Posted on August 17, 2017 at 2:27 pm GMT

The euro underperformed its peers in today’s European session as a combination of option expiries and dovish ECB meeting minutes drove the single currency to three-week lows against the US dollar. The greenback managed to reverse around half of yesterday’s losses brought on by the FOMC minutes that showed growing concern among some Fed policymakers that inflation might remain below 2% for longer than anticipated. In other currencies, the pound was unable to get much of a lift from stronger-than-expected [..]

Forex News – Sterling posts losses on softer retail sales

Posted on August 17, 2017 at 1:32 pm GMT

Following the UK CPI and labor figures published earlier this week, the Office for National Statistics released another report today on retail sales for the month of July. This showed household spending growing at a slower pace compared to a year before. As a result, sterling dipped into losses against its US and eurozone counterparts. Looking at the numbers, UK retail sales pulled back in July after a strong rally in the previous month as British consumers cut their purchases [..]

Technical Analysis – GBPUSD bearish below moving averages

Posted on August 17, 2017 at 8:10 am GMT

GBPUSD has significantly moved away from 10-month highs hit earlier in the month as it continues its downslide, dropping below the key 1.29 level. It is now attempting to reclaim that level after finding support at the 61.8% Fibonacci retracement level of the upleg from 1.2588 to 1.3266 between June and August. Technical indicators continue to remain in bearish territory. The RSI is trending down again after failing to break above 50, while the MACD remains well below 0, though [..]

Forex Market Review (Asian Session) – Yen gains on Fed minutes, commodity-linked aussie extends gains, oil inches up

Posted on August 17, 2017 at 7:44 am GMT

As Asian traders were heading home for the day, the yen rose and the dollar extended declines following the release of the Federal Reserve meeting minutes last night. The aussie firmed up following a rally in base-metal prices. The rest of the day looks busy with several economic data publications across Europe and the US along with the release of the European Central Bank meeting minutes. The dollar fell against the yen and other majors after the release of the [..]

Forex Market Review (European session) – Sterling heads up as UK unemployment hits 42-year low; dollar reaches fresh three-week high

Posted on August 16, 2017 at 3:44 pm GMT

With North Korea and the US pulling back from their confrontation stance, the focus turned back to economic releases. The dollar followed an upward path despite weaker housing data, while better than expected labor figures in the UK pushed sterling higher. The lowered US crude inventories published during late European session lifted oil prices. The dollar index peaked at a fresh three-week high of 94.14 during the European session, ignoring today’s disappointing US data on building permits and housing starts. [..]

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