All Articles Tagged - GBPUSD

Technical Analysis – GBPUSD tumbles to fresh 6-month low, looks oversold

Posted on October 3, 2023 at 8:01 am GMT

GBPUSD stuck in a steep decline since mid-July, appearing unable to recover Records consecutive multi-month lows as the bulls remain on the sidelines Given that momentum indicators are pointing at oversold conditions, can the price bounce back? GBPUSD has been forming a structure of lower highs and lower lows since its 15-month peak of 1.3141. Meanwhile, in the near term, the RSI has entered its 30-oversold mark and the stochastic oscillator is touching its 20-oversold territory, both suggesting that the recent [..]

Market Comment – Dollar pulls back, some relief for stocks after dreadful quarter

Posted on September 29, 2023 at 9:22 am GMT

US dollar eases from highs as bond yield rally pauses for breath Stocks headed for worst quarter in a year but techs lead rebound Eurozone and US inflation data in focus Fed speakers help take steam off yields rally Bond yields slipped on Friday as ‘higher for longer’ bets took a step back on the last trading day of the quarter ahead of some key inflation and consumer spending data out of the United States. Hawkish Fed talk post the [..]

Technical Analysis – GBPUSD turns green, but downtrend might stay intact

Posted on September 28, 2023 at 12:51 pm GMT

GBPUSD takes a breather after aggressive sell-off Recovery could continue, but the outlook remains? gloomy Next major resistance region around 1.2300 GBPUSD is hoping for a positive daily close after six consecutive losing sessions. The 1.2100 number put the brakes on the downfall on Thursday, helping the price to climb by 0.60% so far in the day. The stochastic oscillator and the RSI hint at oversold conditions, justifying a potential rebound in the price in the coming sessions. Yet, there is still some way to go to reverse the downward pattern above 1.2500. [..]

Market Comment – Dollar at 10-month high as yields keep surging

Posted on September 26, 2023 at 9:07 am GMT

US 10-year yield hits 16-year high amid no letup in hawkish Fed rhetoric Dollar powers ahead, euro and pound crumble, yen in danger zone Stocks resume decline after late rebound on Wall Street Bond market rout deepens The selloff in bond markets is showing no sign of easing as investors are dumping government securities in favour of cash amid expectations that interest rates in the US may yet rise further. Despite the tightening cycle nearing its end, the hawkish drumbeat [..]

After hawkish Fed, dollar turns to core PCE inflation – Preview

Posted on September 26, 2023 at 8:34 am GMT

Fed lifts dot plot, adds fuel to dollar’s engines Focus turns to core PCE index, the Fed’s preferred inflation gauge Slowdown could hurt the dollar, but broader outlook remains bright The data is released on Friday, at 12:30 GMT Fed signals another hike, fewer cuts in 2024 The Fed decided to keep rates steady last week, but policymakers appeared in hawkish armor, projecting a higher rate path than back in June. The new dot plot continued pointing to another quarter [..]

Technical Analysis – GBPUSD marks its worst month of 2023

Posted on September 26, 2023 at 8:14 am GMT

GBPUSD set to close the month with heavy losses Short-term risk bearish but oversold conditions evident Support could emerge within the 1.2100 area GBPUSD has been in the red almost every single week since peaking at a 15-month high of 1.3141 in mid-July, with selling forces intensifying significantly in September. The pair is 4.0% down this month, suffering its worst month so far this year. It is currently trading near a six-month low of 1.2173, increasing speculation that the bearish cycle [..]

Market Comment – Stocks roll over as US yields climb to new highs

Posted on September 22, 2023 at 8:56 am GMT

Mayhem in US bond market spills over into stocks Dollar struggles to advance despite soaring yields Sterling sinks on BoE decision, yen retreats after BoJ US yields leap higher The storm in US bond markets has evolved into a hurricane, inflicting deep wounds on riskier assets such as stocks. Yields on US government bonds have gone ballistic, with the yield on ten-year notes hitting a fresh cycle high of 4.50% earlier today. When yields climb with such force, it has [..]

Technical Analysis – GBPUSD bears in control but still hungry

Posted on September 21, 2023 at 1:49 pm GMT

GBPUSD in the red again today and registering a new 6-month low A strong bearish trend is in place since the July 14, 2023 high Momentum indicators clearly support the current downleg GBPUSD is edging lower again today, recording the lowest print since March 27, 2023 and hovering around the 50% Fibonacci retracement of the June 1, 2021 – September 26, 2022 downtrend. It has been a one-way street move since the July 14, 2023 high as the bears have [..]

Market Comment – Fed rate decision enters the spotlight

Posted on September 20, 2023 at 8:22 am GMT

Dollar trades cautiously ahead of Fed decision Yen extends slide despite fresh intervention warnings Pound slides after lower-than-expected UK CPI data Wall Street ends in the red as investors turn focus to Fed Will the Fed add fuel to the dollar’s engines? The dollar continued trading in a cautious manner, gaining some ground only against the yen and the franc, while losing the most versus the risk-linked aussie, kiwi, and loonie. It seems that dollar traders prefer not to engage [..]

Bank of England decision could spell bad news for sterling – Preview

Posted on September 19, 2023 at 11:59 am GMT

Bank of England set to raise interest rates this week Mixed economic data, so commentary could be cautious Risks for British pound seem tilted to the downside Decision expected at 11:00 GMT on Thursday Weaker data pulse The United Kingdom economy seems to be losing steam, with recent data releases showcasing a severe slowdown in growth and a softer labor market. Economic growth was stagnant in July from a year earlier and business surveys warn the situation will get worse, [..]

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