All Articles Tagged - GBPUSD

Technical analysis – GBPUSD enters bearish corrective mode

Posted on June 21, 2023 at 3:30 pm GMT

GBPUSD trimmed some gains after the 1.2800 round level blocked last week’s quick rally, with the price correcting down to 1.2690 on Wednesday. Traders might keep selling the pair as the RSI and the stochastic oscillator seem to have peaked in the overbought region, suggesting that the latest bull run is overdone. On the downside, the next support could commence near the 1.2650 level, where the red Tenkan-sen line and May’s peak are positioned. Then, the bears could target the 1.2570-1.2500 constraining [..]

Daily Market Comment – Dollar awaits Powell, UK CPI data adds extra pressure on BoE

Posted on June 21, 2023 at 8:15 am GMT

Dollar gains as housing starts surge Focus turns to Fed Chair Powell’s testimony UK CPIs increase chances for a 50bps hike by the BoE Wall Street slides as Powell’s testimony looms Powell gets a second chance to convince the market The US dollar gained ground against most of the other major currencies on Tuesday, losing only against the Japanese yen. Although the moves were somewhat reversed during the Asian session today, yesterday’s action suggests a risk-off trading activity, ahead of [..]

Can Fed Chair Powell wake up the dollar bulls? – Forex News Preview

Posted on June 20, 2023 at 3:14 pm GMT

Despite the Fed’s updated dot plot last week signaling that two more rate hikes may be on the cards, market participants are finding it hard to believe it. Fed Chair Powell did not convince them either when he held the press conference following the decision. However, he is being given another opportunity to pass his message this week as he is testifying before Congress on Wednesday and Thursday at 14:00 GMT. Investors don’t believe the Fed At last week’s meeting, the Fed [..]

Daily Market Comment – China concerns hit sentiment; dollar looks to Powell & Co. for direction

Posted on June 20, 2023 at 9:19 am GMT

China rate cut unable to lift market mood as doubts grow about economy Wall Street futures struggle ahead of Powell testimony, dollar drifts sideways Yen’s freefall pauses, pound softer ahead of CPI data, aussie slides on RBA minutes China stimulus: too little too late? Equity markets were mostly on the backfoot again on Tuesday as an expected rate cut in China failed to ease concerns about the flagging economy while constantly shifting rate hike expectations elsewhere added to investors’ apprehension. [..]

Technical Analysis – GBPUSD surges to fresh 14-month high

Posted on June 20, 2023 at 7:13 am GMT

GBPUSD has been in a prolonged uptrend since October 2022 supported by its long-term ascending trendline. Even though the pair stormed to a fresh 14-month high of 1.2847 on Friday, it quickly pared some gains due to reaching overbought conditions. The momentum indicators currently suggest that bullish forces are holding the upper hand. Specifically, the RSI is hovering slightly below its 70-overbought mark, while the MACD is strengthening above its red signal line in the positive zone. Should buying pressures intensify [..]

Weekly Technical Analysis – GBPUSD, EURUSD, USDCHF

Posted on June 19, 2023 at 10:56 am GMT

The Bank of England (BoE) and the Swiss National Bank (SNB) will feature in the next series of central bank meetings on Thursday. Investors are speculating that some policymakers might debate a bolder half-point rate hike, with the talks likely being more intense within the SNB. Meanwhile in the eurozone, Friday’s preliminary business PMI figures could be important to watch amid a cracking economic backdrop. Bank of England policy announcement –> GBP/USD The British pound surged to its highest level [..]

Daily Market Comment – Stocks slip, dollar steadies as rate hikes, a rate cut and Powell awaited

Posted on June 19, 2023 at 9:12 am GMT

Equities start week on the backfoot amid uncertainties; can Powell change the mood? China steps up effort to boost economy but Asian stocks unimpressed Pound shines ahead of BoE decision, SNB coming up too, dollar crawls off lows Cautious tone as Fed doubts take over Another busy week has gotten underway as markets are hoping to decipher more about the Fed policy path from Chair Jerome Powell’s Congressional hearings than they did from last week’s meeting. Powell is due to [..]

Week Ahead – Can the BoE and SNB hike by 50bps? Flash PMIs incoming

Posted on June 16, 2023 at 12:09 pm GMT

The central bank theme will continue in the coming week with the Bank of England and Swiss National Bank next to announce their interest rate decisions. Both are expected to raise their policy rates but is there room for hawkish surprises? The flash PMIs for June will also be on investors’ radar as some regions such as the Eurozone grapple with a recession. Inflation data will be the highlight in Japan but it’s looking like a quieter period in the [..]

Daily Market Comment – Inflation data pushes dollar lower ahead of Fed decision

Posted on June 14, 2023 at 7:56 am GMT

Dollar slides as CPI numbers increase Fed skip chances Fed decides today, spotlight to fall on dot plot Wall Street extends rally after soft inflation prints US CPI data enhance the case for a Fed skip The dollar traded lower yesterday after data showed that US consumer prices barely rose in May, taking the headline year-on-year rate down to 4.0% from 4.9%. That was the smallest increase in more than two years, adding to the view that the Fed is [..]

Daily Market Comment – Dollar slips, stocks soar ahead of US inflation report

Posted on June 13, 2023 at 8:33 am GMT

All eyes on US inflation data today, could influence Fed decision Dollar slips, sterling jumps after jobs data, stocks power higher China cuts interest rates, crash in oil prices warns of soft demand US inflation in focus Global markets are about to encounter turbulence today with the release of the US CPI report for May. Economist forecasts suggest the headline and the core CPI rates are due to decline in yearly terms, mostly thanks to lower energy prices and base [..]

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