All Articles Tagged - GBPUSD

Daily Market Comment – Cable hits new highs as falling yields blast dollar

Posted on July 11, 2023 at 8:47 am GMT

Dollar gets crushed as traders price in a ‘cold’ CPI tomorrow Sterling and yen benefit the most, Cable hits 15-month highs Gold attempts to exit range to the upside, stocks bounce back Dollar derailed by falling yields It’s been a dreadful month for the US dollar so far, even though incoming data releases continue to reaffirm the superiority of the American economy. Economic growth for the second quarter is tracking around 2%, the housing market has staged an impressive recovery, [..]

Technical Analysis – GBPUSD renews bullish outlook

Posted on July 11, 2023 at 7:50 am GMT

GBPUSD opened the week with mild gains, expanding its NFP rally above June’s peak and to a fresh 15-month high of 1.2912 early on Tuesday. There is room for further development, as the technical indicators maintain a clear positive trajectory. Yet, with the RSI and the stochastic oscillator prodding their overbought levels, the bullish wave could soon take a breather. The pair is currently testing the tentative ascending line from last December at 1.2893, while the resistance trendline from April is [..]

Technical Analysis – GBPUSD rally halts, now hovers just above 1.2750

Posted on July 10, 2023 at 1:31 pm GMT

GBPUSD is edging lower today but remains a tad above the 1.2750 area. The bulls have finally managed to stage a proper breakout, but a double top pattern appears to be forming. This bearish structure could quickly reverse the current bullish sentiment but a move below its 1.2590 neckline is needed first. The bulls continue to enjoy the support of most momentum indicators. The stochastic has just broken above its moving average and it is trying to return to its [..]

Will upcoming UK data allow the pound to keep its crown? – Forex News Preview

Posted on July 7, 2023 at 1:12 pm GMT

Following the 50bps hike by the Bank of England in June, many market participants are now convinced that another increase of that size will be delivered in August, while they are anticipating several more hikes before the Bank calls the end of this tightening crusade. So, as they try to better assess how the Bank will move forward, next week, investors are likely to pay attention to Tuesday’s jobs data for May (06:00 GMT) and Thursday’s monthly GDP for that [..]

Technical analysis – GBPUSD aims to strengthen recovery

Posted on July 4, 2023 at 2:43 pm GMT

GBPUSD is showing signs of improvement in the four-hour chart, aiming to close above the 1.2700 level and the resistance trendline that has been blocking recovery attempts since mid-June. The RSI is going up above 50 and the MACD is above zero, both backing the latest upturn in the price. Previously, the pair bounced on the ascending trendline from May 25th for the fourth time, adding more credence to its positive trend. The next challenge, however, could be within breathing [..]

Technical Analysis – GBPUSD regains traction after correction pauses

Posted on July 4, 2023 at 7:43 am GMT

GBPUSD has been in a prolonged uptrend since October 2022 supported by its long-term ascending trendline. In the near term, the pair experienced a pullback from its 14-month high of 1.2847, but it quickly found its feet and reversed back higher. Despite the recent downside correction, the momentum indicators are tilted to the bullish side. Specifically, the RSI is flat after bouncing off its 50-neutral mark, while the stochastics are edging higher following their bullish cross near the oversold territory. If [..]

Daily Market Comment – Stocks roar higher as US inflation cools slightly, optimism rises

Posted on July 3, 2023 at 9:15 am GMT

Tech stocks lead Wall Street higher in strong first half as PCE inflation eases Growth optimism outweighs Fed rate hike bets as Asia rallies too But dollar bounces off lows ahead of ISM PMIs, jobs report Recession fears ease further after soft core PCE US stocks continue to defy gravity, shrugging off concerns about more Fed rate increases and an uncertain economic outlook to notch up solid gains for the first half of 2023. The S&P 500 just had its [..]

Technical Analysis – GBPUSD still threatened despite soft upturn

Posted on June 27, 2023 at 7:25 am GMT

GBPUSD closed Monday’s session with marginal gains around 1.2700 after receiving strong protection from the 1.2680 base for the third consecutive trading day. Bulls tried to increase the price on Tuesday, but the technical outlook stayed weak, casting doubt on whether there was enough strength for an upsurge. The pair seems to be trapped below a tough resistance trendline at 1.2740 and beneath the red Tenkan-sen line. Moreover, the MACD has slid below its red signal line and the RSI, although above its [..]

Daily Market Comment – Dollar extends gains as hawkish central bank tone sours mood

Posted on June 23, 2023 at 9:10 am GMT

Recession fears heightened after BoE surprises with 50-bps hike, Eurozone PMIs disappoint Hawkish Fed commentary further underscores need for more central bank tightening Dollar advances as pound and euro slide, Wall Street heads for rare weekly loss Recession gloom returns as growth outlook dims The Federal Reserve and ECB set the tone more than a week ago, but it’s taken another round of hawkish central bank rhetoric, culminating with the Bank of England’s larger-than-expected rate hike, for markets to finally [..]

Daily Market Comment – Powell does not convince dollar bulls, BoE enters the spotlight

Posted on June 22, 2023 at 8:27 am GMT

Powell signals more hikes but fails to convince dollar bulls BoE meets with investors split between a 25 and 50bps hike Wall Street pulls back, Bitcoin extends rally Dollar slides as Powell again fails to convince investors The dollar ended Wednesday lower against most of the other currencies, despite Fed Chair Powell delivering a relatively hawkish message when testifying before the House Financial Services Committee of the US Congress. The Fed Chief said that rate increases are “a pretty good guess” of [..]

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