All Articles Tagged - GBPUSD

Weekly Technical Outlook – GBPUSD, AUDUSD, Gold

Posted on October 16, 2023 at 1:56 pm GMT

Gold hits important resistance as geopolitics remain on the forefront GBP/USD has weak technical outlook ahead of key data releases AUD/USD supported near October low; technical picture still fragile Israel-Hamas war –> Gold In response to Israel’s warning, investors sought safety in gold, driving the precious metal up by 3.0% to $1,932 and near its 200-day simple moving average (SMA). The risk of escalation remains intact as the timing of a possible invasion remains unclear while clashes with Lebanon’s Hezbollah militants intensify [..]

Week Ahead – US retail sales and UK CPI data enter the spotlight

Posted on October 13, 2023 at 8:32 am GMT

After US CPIs, US retail sales may also impact Fed hike expectations Will the UK inflation numbers increase the chances for another BoE hike? Aussie and Kiwi traders await Australia jobs report and New Zealand’s CPI China’s GDP could also impact those commodity-linked currencies Will retail sales allow the dollar to extend its recovery? The dollar traded on the back foot for the better half of this week due to dovish remarks by Fed officials who suggested that the surge [..]

Technical Analysis – GBPUSD gives up gains on stronger US CPI data

Posted on October 12, 2023 at 1:39 pm GMT

GBPUSD switches into bearish corrective mode Price fluctuates between key support and resistance zone A break below 1.2235 may prompt more selling GBPUSD returned to losses below the 1.2300 level in the wake of a slightly stronger US CPI inflation report, shifting the spotlight back to the 20-day simple moving average (SMA) at 1.2235. Technically, the pair lost momentum after touching the falling constraining line from May 2021 at 1.2340, with the stochastic oscillator witnessing overbought conditions. Sellers may [..]

Market Comment – Yields slide as Fed tones down hawkish talk, stocks shrug off ME flareup

Posted on October 10, 2023 at 9:31 am GMT

Higher yields prompt a rethink at the Fed as policymakers turn cautious But less hawkish tone pushes yields lower, boosting equities Ongoing tensions in Middle East further pressure yields, keep gold supported Oil slips slightly while dollar braces for more Fed speak, CPI data Fed has second thoughts about additional tightening As markets wait anxiously to see how far the latest conflict between Israel and Hamas will escalate, Fed policymakers provided some soothing words to jittery investors already caught wrong [..]

Technical Analysis – GBPUSD retains upswing but needs more backing

Posted on October 10, 2023 at 8:09 am GMT

GBPUSD pauses upturn from seven-month low Short-term signals are improving but threats exist GBPUSD has been stagnant around the 1.2235 barrier for two days, hindered by the 20-day simple moving average (SMA) and the resistance line from July. Encouragingly, the technical indicators keep pointing upwards, with the RSI further distancing itself from its 30 oversold region and the MACD recovering above its red signal line. On the other hand, the stochastic oscillator is crawling into the overbought territory, signaling the [..]

Weekly Technical Outlook – USDJPY, GBPUSD, Oil

Posted on October 9, 2023 at 1:04 pm GMT

USD/JPY resilient above key support as US CPI awaited UK GDP to rise, but will GBP/USD extend rebound? Tensions in Middle East boost oil, but key resistance overhead US CPI –> USD/JPY Friday’s US jobs data backed the “higher for longer” era in the monetary world, with the focus turning now to the next CPI inflation report due on Thursday at 12:30 GMT. The data are expected to indicate softer price pressures after two months of gradual rises, with the headline [..]

Market Comment – Oil jumps, safe havens gain as war erupts in Middle East

Posted on October 9, 2023 at 9:28 am GMT

Israel-Hamas war pushes up oil prices amid risk of wider conflict Dollar, yen and gold rise too as investors rush to safety Fed rate hike odds reverse NFP boost; US CPI, Fed speakers eyed next Middle East violence sparks turmoil Markets woke up to the worst flare-up of violence between Israel and Palestine in 50 years on Monday after Hamas launched surprise missile attacks into Israeli territory over the weekend. Oil futures initially shot up more than 5% as fears [..]

Technical Analysis – GBPUSD turns red after NFP surprise

Posted on October 6, 2023 at 1:35 pm GMT

GBPUSD loses 0.7% after upbeat nonfarm payrolls Signals mixed; bulls might have a tough task GBPUSD trimmed earlier gains and turned negative on the day after the US jobs growth beat estimates by a large margin. Thursday’s support area of 1.2100 is currently buffering downside pressures. If that floor collapses, the price could tumble to 1.2000, where the falling constraining line from November 2021 is placed. A continuation lower could see a test of the 1.1900 number, while a more aggressive [..]

Will the drumbeat of bleak UK economic data continue? – Preview

Posted on October 6, 2023 at 12:31 pm GMT

BoE keeps rates unchanged, citing slowing UK economic activity Data since then corroborate the gloomy picture Upcoming indicators include monthly GDP and industrial production Will the pound weaken after they come out on Thursday at 06:00 GMT? UK business surveys ring the recession alarm bells At its latest gathering on September 21, the Bank of England decided to keep rates steady at 5.25%, citing slowing economic activity and a cooling labor market. Although officials accelerated the pace of their quantitative [..]

Week Ahead – US inflation and Fed minutes to test dollar, bond markets

Posted on October 6, 2023 at 10:10 am GMT

US CPI report and Fed minutes to take centre stage Will they fuel or dent the rally in yields and the dollar? Chinese inflation and UK growth data to also be eyed Otherwise, a quieter week awaits with Monday a holiday in the US US headline CPI could rise again As speculation about whether or not the Fed will hike one more time goes into overdrive, the latest report on the US consumer price index will be the big [..]

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