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GBPUSD

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European Session – Dollar nudges upwards in holiday lull; Gold and oil also up

Posted on December 27, 2016 at 4:34 pm GMT

Major currencies were largely steady in today’s European session as volumes remained low despite most markets reopening after the Christmas break. Key markets such as London, Sydney and Hong Kong stayed closed on Tuesday, explaining the absence of many traders. The US dollar was the main gainer in European trading, though gold and oil also stood out. The greenback hit a session high of 117.61 yen, recovering from yesterday’s brief dip below the 117 level. The US currency got a [..]

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Asian Session – Dollar firmer as weak Japanese data weighs on yen

Posted on December 27, 2016 at 8:46 am GMT

The US dollar edged higher in Tuesday’s Asian session as volumes remained thin in the last trading week of the year. With the London market still closed today due to the Christmas bank holiday, it’s expected to be another quiet day. However, bargain hunting lifted the dollar higher versus the yen in Asian trading, helping it move away from one-week lows touched yesterday. The greenback lost some momentum last week following worse-than-expected personal income and consumption data for November out [..]

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European Session – Dollar mixed in thin trade ahead of long holiday weekend

Posted on December 23, 2016 at 4:36 pm GMT

The US dollar struggled for momentum in Friday’s European session as volumes thinned out ahead of the long Christmas holiday weekend. Data showing that consumer confidence in the United States climbed to an 12-year high in December was unable to prevent the dollar from slipping against the yen in late session. The University of Michigan’s consumer sentiment index was revised from 98.0 in December’s preliminary reading to 98.2 in the final release – the highest since 2004. Expectations were for [..]

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European Session – Dollar and loonie slip on disappointing data; Euro climbs to 1-week high

Posted on December 22, 2016 at 4:23 pm GMT

The US dollar broke out of its tight range in late European trading following soft US consumer spending figures, which spurred the euro to a one-week high. Economic data out of the United States and Canada dominated afternoon trading in Europe today in an otherwise lacklustre session as traders began emptying their desks ahead of the Christmas holiday weekend. The euro jumped higher versus the dollar, hitting a one-week high of 1.0499, on the back of the dollar’s slide. There [..]

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Technical Analysis – GBPUSD daily in downtrend, eyes 1.23 break

Posted on December 22, 2016 at 9:08 am GMT

GBPUSD has been under pressure after early December, after it peaked on December 6 at 1.2774. Price has recently moved decidedly below the 50-day moving average – currently at 1.2421. The 200-day average is still far away at 1.33. The pair is eyeing a break below the 1.23 level, which would open the way for a fresh challenge of the post-Brexit lows around 1.21. A break of 1.23 would be the lowest for cable since early November. The pair moved [..]

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European Session – US dollar pressured ahead of Fed; retail sales miss

Posted on December 14, 2016 at 3:25 pm GMT

The US dollar was under some pressure during most of Wednesday’s European session, in anticipation of an expected Federal Reserve rate hike later during the US session. The euro was relatively buoyant at 1.0645 versus the greenback, while dollar / yen dipped below 115 yen at 114.89.  Stronger still was sterling, as cable climbed to breach 1.27 once more.  The euro was unaffected by disappointing industrial production numbers, as output contracted by -0.1% month-on-month in October compared to expected growth [..]

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Technical Analysis – GBPUSD rally fails to break 1.2700

Posted on December 2, 2016 at 9:35 am GMT

GBPUSD had a strong bullish run this week to come close to the key 1.2700 level on Thursday but failed to break above it. Momentum is improving as RSI is above 50 and is rising so there is a possibility of further upside to target resistance at 1.2732 upon a sustained break above 1.2700. This resistance level is the 50% Fibonacci retracement level of the September to October downleg from 1.3400 to 1.2025. If the market holds above this level to [..]

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