All Articles Tagged - GBPUSD

Technical analysis – GBPUSD gets trendline rejection, but bulls still in play

Posted on June 13, 2023 at 7:18 am GMT

GBPUSD turned red on Monday after marking a one-month high of 1.2598 near the long-term resistance trendline, which has been capping bullish actions since the June 2021 high. The pair switched back to recovery mode early on Tuesday, with the technical indicators reflecting appetite for a bullish breakout. The RSI is trending higher and is above its 50 neutral mark, while the MACD is gradually strengthening within the positive region and above its red signal line. The fact that the price has avoided [..]

Technical Analysis – GBPUSD enters recovery mode after hitting strong support

Posted on June 12, 2023 at 12:55 pm GMT

GBPUSD has been in a recovery mode since May 26, when it triggered buy orders near the key support territory of 1.2340 that acted as a strong resistance zone before being broken to the upside on April 3. The fact that the pair remains above that zone and above all three of the plotted moving averages paints a positive near-term picture. Both the RSI and the MACD are detecting upside momentum, adding to the notion that Cable could trade north [..]

Pound eyes UK GDP and jobs data for clues on BoE rate path – Forex News Preview

Posted on June 9, 2023 at 12:28 pm GMT

The Bank of England doesn’t meet for another couple of weeks and there is quite a bit of data for traders to sift through until then, including employment and GDP numbers for April. The employment report is out on Tuesday followed by the GDP estimate on Wednesday, both due at 06:00 GMT. With inflation still running hot, the choice for the BoE isn’t so much between a hike and a pause but rather, between a small rate increase and a [..]

Daily Market Comment – Stocks resume climb after uptick in jobless claims, dollar tumbles

Posted on June 9, 2023 at 9:09 am GMT

US weekly jobless claims hit highest in 1½-years, boosting Fed pause bets Tech stocks find reason to celebrate as yields decline but China weakness weighs Dollar skids but steadier today, aussie leads FX weekly gains Jobless claims lift spirits ahead of big week Market expectations for a Fed pause received a slight boost on Thursday, reviving hopes ahead of next week’s FOMC decision after hawkish turns from the RBA and Bank of Canada had dented them. Initial claims for unemployment [..]

Daily Market Comment – Dollar gets sidetracked as BoC joins RBA’s hawkish tilt

Posted on June 8, 2023 at 8:46 am GMT

BoC delivers second surprise hike of the week, aussie and loonie shine Markets forced to reassess their understanding of a ‘pause’ Dollar slips amid confusion over Fed policy, tech rally hit by un-pause fears Markets rattled by renewed higher-for-longer push The Bank of Canada became the second central bank to hike interest rates this week, joining Australia’s Reserve Bank in upping the battle against persistently high inflation. More significantly, Wednesday’s 25-basis-point hike marked an end to the Bank of Canada’s [..]

Technical Analysis – GBPUSD battles with crucial technical level

Posted on June 6, 2023 at 7:37 am GMT

GBPUSD had been in a downside correction after peaking at the one-year high of 1.2678 on May 10. However, the pair retraced back higher when it found support at the long-term ascending trendline, while it is currently challenging a fortified zone that includes the 50-day simple moving average (SMA), the upper end of the Ichimoku cloud and a historical resistance level near 1.2445. The momentum indicators currently suggest a neutral near-term bias. Specifically, the RSI is hovering around the 50-neutral [..]

Technical analysis – GBPUSD drifts lower after upbeat US jobs data

Posted on June 2, 2023 at 1:36 pm GMT

GBPUSD slid to 1.2492 in the wake of an upbeat US nonfarm payrolls report, staying below the nearby 1.2532 resistance area, even though it quickly inched back above 1.2500. Technically, the pair touched the 50% Fibonacci retracement of the 1.2678-1.2307 downleg before edging up, though selling pressures may not fade away. The RSI and the Stochastic oscillator seem to have peaked in the overbought zone, signaling a potential correction lower in the four-hour chart. If selling forces resurface below 1.2493, the 200-period SMA [..]

Technical analysis – GBPUSD stays under sellers’ control despite pause

Posted on May 30, 2023 at 8:17 am GMT

GBPUSD opened the week on a neutral note, consolidating its bearish correction from a one-year high within the 1.2300 zone. According to the technical picture, the sideways move could be temporary within the bearish wave. The downfall below the 20- and 50-day simple moving averages (SMAs) and beneath the former 1.2445 ceiling could motivate more selling in the short term. The negative trajectory in the RSI and the MACD is another sign that the sell-off has not bottomed out yet. An upside [..]

Technical analysis – GBPUSD stays within bearish channel despite quick bounce

Posted on May 26, 2023 at 12:58 pm GMT

GBPUSD pivoted quickly higher to 1.2394 on the back of rising rate hike expectations in the UK following the plunge to a seven-week low of 1.2308. Technically, the pair staged another bullish correction within a tight, short-term bearish channel. Despite the bounce in the price, the technical picture in the four-hour chart cannot guarantee a bullish continuation. The pair has yet to cross above its simple moving averages (SMAs), currently facing resistance near the channel’s upper boundary. Meanwhile, the momentum indicators followed [..]

Daily Market Comment – Dollar pauses for breath ahead of inflation data, tech rally eases

Posted on May 26, 2023 at 9:20 am GMT

Fed rate cut bets continue to be priced out, all eyes on core PCE inflation US dollar softer today but still headed for third weekly gain Debt deal progress and AI buzz lift Wall Street, global equities Fed rate cut bets pushed back as summer hike seen certain The US dollar eased off two-month highs on Friday as the three-week rally paused for breath amid the sharp repricing of the Fed’s rate path. Treasury yields also cooled off as investors [..]

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