All Articles Tagged - GBPUSD

Daily Comment – Markets cautious as Nvidia earnings and key US data loom

Posted on August 28, 2024 at 8:09 am GMT

Dollar pauses slide as jobs and inflation data awaited Yen pulls back but hawkish BoJ signals keep it elevated Wall Street awaits Nvidia, oil retreats on demand worries Dollar awaits key data for direction The US dollar extended its slump against all its major peers on Tuesday, as in the absence of any top-tier data and shocking headlines, investors continued to digest Powell’s dovish stance at Jackson Hole. However, today, the dollar is in a recovery mode, perhaps as short [..]

Technical Analysis – GBPUSD surged to 2½-month high

Posted on August 27, 2024 at 12:13 pm GMT

GBPUSD rallies since August 8 with no bearish correction Momentum oscillators are overbought levels GBPUSD skyrocketed to another fresh almost two-and-a-half-year high of 1.3245, recorded earlier in the day. The pair is extending its buying interest, which started back in April with an impressive bullish rally after rebounding off the 200-day simple moving average (SMA) at 1.2670. Technically, the stochastic oscillator is resting in the overbought territory, while the RSI is ticking north above the 70 level. More advances could [..]

Daily Comment – Rate cut euphoria tempered by geopolitics as oil surges

Posted on August 27, 2024 at 8:54 am GMT

Mood turns cautious amid geopolitical uncertainty in Libya and Gaza Fears of supply disruptions drive up oil prices, S&P 500 closes lower China concerns also weigh but European stocks turn positive as data awaited Geopolitical risks take over as oil rallies Equity markets were mixed on Tuesday and the US dollar consolidated as investors turned cautious ahead of the week’s main events amid renewed fears about disruptions to oil supply. Investors turned cautious ahead of the week’s main events amid [..]

Technical Analysis – GBPUSD: Is the next downturn approaching?

Posted on August 27, 2024 at 8:22 am GMT

GBPUSD’s bull run slows down near a familiar resistance area Some stability is likely; sellers need a close below 1.3188 to gain control GBPUSD opened the week with marginal losses after its almost uninterrupted two-week rally was rejected near the key resistance trendline at 1.3229 for the third time. While the bulls are trying to make a comeback today, the RSI and Stochastic oscillator are both flatlining in the overbought zone, indicating a high risk of a downside correction. Perhaps, [..]

Daily Comment – Powell signals it’s time to cut; dollar sinks but risk rally muted

Posted on August 26, 2024 at 9:14 am GMT

Powell says the time has come for rate cuts, pushing yields and dollar lower But cautious rally in stocks as Nvidia earnings, inflation data awaited Oil jumps amid fresh escalation between Israel and Hezbollah Powell green lights rate cuts Fed Chair Jerome Powell locked in a September rate cut on Friday, using his Jackson Hole address to signal the Fed’s long-awaited pivot toward an easing cycle. Using somewhat more dovish language than anticipated, Powell said the “time has come for [..]

Market Comment – Markets position ahead of Powell’s Jackson Hole speech

Posted on August 23, 2024 at 8:34 am GMT

Dollar rebounds despite jobless claims increase Traders position for Fed Chair Powell’s Jackson Hole speech Yen rebounds as BoJ’s Ueda appears willing to continue hiking rates Wall Street slips as tech shares weigh, gold pulls back Fed cut bets readjusted ahead of Powell’s speech The US dollar rebounded against all but one of its major peers on Thursday, with the only exception being the British pound. With no clear catalyst behind the greenback’s recovery, it seems that investors may have [..]

Technical Analysis – GBPUSD unlocks new high above 1.3100

Posted on August 22, 2024 at 12:45 pm GMT

GBPUSD extends bullish rally for the 6thstraight day Stochastics indicate overstretched market RSI continues to move up GBPUSD has been in an extremely bullish rally over the last six days, recording a new 13-month high of 1.3128. The market added almost 4% following the bounce off the 200-day SMA and the medium-term ascending trend line. The stochastic oscillator suggests an overstretched market as it is flattening in the overbought area, while the RSI crossed above the 70 level, indicating more gains. More advances [..]

Market Comment – Dovish Fed and labor data weigh on dollar

Posted on August 22, 2024 at 8:19 am GMT

Fed minutes reveal some members wanted a July cut Nonfarm payroll growth revised down by the most since 2009 PMIs in focus ahead of Powell’s Jackson Hole speech Wall Street gains ground, oil extends slide Dollar slips as traders ramp up Fed cut bets The dollar extended its slide against its major counterparts on Wednesday, as the minutes of the July 30-31 Fed gathering revealed that officials are strongly leaning towards a September rate cut, with some members being willing [..]

Market Comment – Dollar looks at the Fed minutes for a small boost

Posted on August 21, 2024 at 7:32 am GMT

Dollar weakness dominates the FX space Today’s Fed minutes could halt the euro/dollar rally Markets are gearing up to the Powell’s Jackson Hole speech Oil prices remain under pressure Dollar underperformance continues The euro continues to take advantage of the US dollar’s weakness by trading to the highest level since December 2023. This pair has managed to quickly climb above the critical 1.1032-1.1095 area, which has acted as strong resistance in the recent past, with the next plausible target being [..]

Volatility ebbs as recession fears evaporate – Volatility Watch

Posted on August 20, 2024 at 10:45 am GMT

Besides EUR/USD, FX volatility subsides as markets digest rate path repricing Volatility in precious metals is still high, but oil enters calmer waters Stock indices and Bitcoin volatility at their bottom of their 30-day range Recession concerns from a weaker-than-expected July NFP report have been fading, though they led to notable adjustments in expectations about major central banks’ interest rate paths. This week, investors are focused on Jerome Powell’s Jackson Hole speech, anticipating insights on the Fed’s view on the current economic conditions and prospective rate [..]

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