All Articles Tagged - GBPUSD

Technical Analysis – GBPUSD falls back from the 1-year high

Posted on May 11, 2023 at 1:17 pm GMT

GBPUSD is struggling to jump above the one-year peak of 1.2679 that was recorded yesterday and is still creating some neutral days. Today, the momentum is slightly negative after the decision to raise interest rates decision from the BoE and the technical oscillators are mirroring this latest movement. The MACD is standing near its trigger line above the zero level, while the RSI is sloping down in the positive region. In the negative scenario, any tumbles below the 20-day simple moving average (SMA) could test [..]

Daily Market Comment – US inflation dips below 5% but dollar quickly bounces back

Posted on May 11, 2023 at 9:03 am GMT

US CPI eases to two-year low, fuelling Fed rate cut expectations Yields decline but dollar advances after limited selloff Pound in the spotlight today as BoE expected to hike again Fed pause looking more likely after CPI dip Despite some concerns that inflation would quicken in April, the latest CPI readings signalled continued progress for the Fed in its fight to restore price stability. The US consumer price index rose by 4.9% y/y last month, missing expectations that the rate [..]

Daily Market Comment – US inflation report awaited for direction as stocks, dollar drift

Posted on May 10, 2023 at 9:05 am GMT

Nerves kick in as debt ceiling talks drag on, uncertainty builds ahead of US CPI Dollar pares some gains, euro bounces off lows but lacks momentum Wall Street slides as bank stocks remain under pressure, default risks rise Caution sets in before inflation data Markets continued to struggle for direction on Wednesday amid some anxiety ahead of the April inflation report out of the United States later in the day and an ongoing stalemate in Congress over raising the debt [..]

Daily Market Comment – Dollar receives mild support ahead of CPI data

Posted on May 9, 2023 at 7:49 am GMT

Dollar rises as Fed survey eases recession fears Risk-linked currencies gain more on improving sentiment Spotlight turns to US CPI numbers Wall Street trades mixed ahead of the data Fed loan survey lends mild support to the US dollar The US dollar gained some ground versus the euro, the pound, and the yen yesterday, but underperformed against the risk-linked aussie, kiwi and loonie. The greenback is slightly outperforming most of its peers today. Traders may have decided to buy some [..]

Technical Analysis – GBPUSD storms to a fresh 11-month high

Posted on May 9, 2023 at 7:42 am GMT

GBPUSD has been in a steady uptrend and recently managed to escape its rectangle pattern, which was in place since November 2022. In the previous daily session, the pair generated a fresh 11-month high of 1.2668 before paring some gains. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the RSI has flatlined above its 50-neutral mark, while the MACD histogram is strengthening above both zero and its red signal line. If bullish pressures intensify, the [..]

Weekly Technical Analysis – GBPUSD, EURUSD, AUDUSD

Posted on May 8, 2023 at 9:53 am GMT

This week the focus of attention will be on the Bank of England’s policy decision, the US CPI data and the China CPI so the instruments to have in mind are GBPUSD, EURUSD and AUDUSD and how they may react. BoE decision → GBPUSD The Bank of England’s policy meeting will take place on Thursday at 11:00 GMT. A rate increase of 25bps is already priced in, so attention will shift to any indications or announcements about future policy. As a result, the pound is unlikely to react [..]

Daily Market Comment – Dollar can’t catch a break despite solid NFP as CPI eyed

Posted on May 8, 2023 at 9:26 am GMT

US dollar stays on the backfoot even as jobless rate unexpectedly dips in April Fed rate cut bets still elevated; will inflation data alter anything? US bank stocks rebound but worries persist, debt ceiling standoff adds to jitters Markets unfazed by strong US jobs report It was another allrounder strong payrolls report on Friday as the US economy added an impressive 253k jobs in April, beating the consensus forecasts. More significantly, the unemployment rate unexpectedly edged lower to a five-decade [..]

Technical analysis – GBPUSD works its way to long-term resistance

Posted on May 5, 2023 at 11:19 am GMT

GBPUSD is set to finish the week mildly up, but it might see its latest bullish efforts stalling soon as the pair seems to be approaching a cautious area. The pair is currently aiming for a close above the 1.2600 round-level ahead of the US nonfarm payrolls report due at 12:30 GMT, while slightly higher a more challenging battle could start near the long-term resistance trendline at 1.2675, which connects all the highs from the 2021 top. Interestingly, the area overlaps with [..]

Week Ahead – BoE takes the central bank torch, US CPI data also in focus

Posted on May 5, 2023 at 11:05 am GMT

Following the FOMC and ECB decisions last week, the central bank torch will now be passed to the BoE, which will deliver its decision on Thursday. A 25bps hike is mostly priced in, so the spotlight will fall on clues and hints on how officials are planning to move forward. The US CPIs will also attract special attention as investors are trying to figure out whether the Fed will pause or hike once more in June. Will the BoE hint [..]

Technical Analysis – GBPUSD meets 1.2500 after hitting 11-month high

Posted on May 2, 2023 at 7:47 am GMT

GBPUSD is retreating after the climb towards a new eleven-month high of 1.2585 in the previous week and is finding significant support near the 20-day simple moving average (SMA). Currently, the market remains well above the long-term uptrend line, indicating more gains. The MACD oscillator is moving sideways in the positive territory, while the RSI is ticking marginally higher above the neutral threshold of 50. More upside pressures could open the way for a retest of the previous high of [..]

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