All Articles Tagged - GBPUSD

Technical Analysis – GBPUSD remains stuck in rectangle pattern

Posted on April 28, 2023 at 12:43 pm GMT

GBPUSD has been experiencing significant swings within a sideways pattern since the beginning of April. In the short term, the ascending 50-period simple moving average (SMA) has repeatedly curbed the pair’s downside, creating a series of higher lows but the pair seems to be struggling to generate higher highs. The momentum indicators currently suggest that bullish pressures are subsiding. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the MACD histogram fell beneath its red signal line but [..]

US GDP in focus as Fed prepares to play its final card – Forex News Preview

Posted on April 25, 2023 at 9:56 am GMT

There is a heavy load of US economic releases coming up this week. The highlight will be the latest GDP report on Thursday, which will help shape market expectations about the trajectory of interest rates as the Fed prepares to roll out the final rate increase of this cycle next week. As for the dollar, it has been on the ropes lately, but better days may lie ahead. US economy regains steam The economic data pulse in the United States [..]

Technical Analysis – GBPUSD eyes April’s bar; 2021 trendline in focus too

Posted on April 25, 2023 at 7:12 am GMT

GBPUSD managed to close marginally above the December-January ceiling of 1.2445 on Monday after a three-day intense battle, shifting the spotlight to April’s bar of 1.2520. Some caution is necessary as the RSI and the MACD have yet to correct their negative trajectory. Yet, with the price having recently secured another strong foothold around its 20-day simple moving average (SMA) and at the lower boundary of the seven-week-old bullish channel, a continuation higher seems to be very likely. The bulls will need [..]

Technical Analysis – GBPUSD has bullish potential despite muted trading

Posted on April 24, 2023 at 3:01 pm GMT

GBPUSD cannot find enough buyers to reclaim the December-January ceiling of 1.2445 following the pullback from April’s border of 1.2520. The pair has been squeezed over the past couple of days, opening and closing near the 1.2445 barrier during the previous muted sessions. Yet, the ascending trendline drawn from the March lows, which seems to be part of a bullish channel, could act as a buffer to downside risks along with the 20-day simple moving average (SMA) around 1.2420. Should the bulls pick [..]

Daily Market Comment – Markets steady after solid PMIs, US data and BoJ awaited

Posted on April 24, 2023 at 9:19 am GMT

US business activity picks up in April, but Fed still seen pausing after May Mixed start for dollar and stocks before barrage of tech earnings and US data Yen steady ahead of BoJ decision; euro firmer after PMIs and hawkish ECB, GDP next Fed bets little changed after stronger PMIs Despite a slew of rate hikes and a mini banking crisis, the US economy has not edged any closer to a recession, defying yet again predictions of a sharp slowdown. [..]

Technical Analysis – GBPUSD holds near 1.2400 but outlook remains bullish

Posted on April 21, 2023 at 9:05 am GMT

GBPUSD’s break to the upside by the bulls was short-lived as they failed to surpass the ten-month high of 1.2545 in the previous session. The MACD oscillator is moving lower beneath its trigger line in the bullish region, while the RSI is stepping down above the neutral threshold of 50. If the market manages to pick up speed, the ten-month high of 1.2545 could offer nearby resistance ahead of the 1.2665 obstacle, taken from the peak in May 2022. [..]

Daily Market Comment – Sterling leaps higher after inflation stats, yen in trouble

Posted on April 19, 2023 at 9:24 am GMT

Hot UK inflation print adds fuel to BoE rate bets, lifting pound Yen gets scorched by revival in US yields, but dollar can’t rally Stock markets in cheery mood ahead of Tesla earnings today Sterling capitalises on inflation scare The British pound was in a jolly good mood on Wednesday after the nation’s latest inflation report came in hotter than expected, cementing investor bets that the Bank of England will keep raising interest rates to put the inflation genie back [..]

Daily Market Comment – China GDP rebound adds some cheer, dollar slips but stocks waver

Posted on April 18, 2023 at 9:03 am GMT

Strong Chinese GDP data calms but does not quell fears about growth Asian stocks mixed, European shares climb, higher yields weigh on Wall Street Dollar off highs, pound and aussie lifted by UK jobs data, hawkish RBA minutes Is China’s economy back on track? The economic recovery in China appears to be gaining tract as GDP expanded by a stronger-than-expected 4.5% in the first quarter of 2023, beating forecasts of 4.0%. At a quarterly level, growth quickened to 2.2% from [..]

Technical Analysis – GBPUSD returns back inside the recent rectangle

Posted on April 18, 2023 at 7:19 am GMT

GBPUSD bulls’ upside breakout proved short-lived. They managed to record a higher high of 1.2546 on April 14, 2023, but the pair has returned back inside the rectangle that has formed since Nov 21, 2022. This range-trading activity has resulted in a tightening of the Bollinger Bands and a convergence of the 50- and 100-day simple moving averages (SMAs) respectively. Both are usually signals that a sizeable move is on the cards. The momentum indicators could provide some clues on [..]

Daily Market Comment – Recession fears weigh as Fed stays hawkish after poor US retail sales

Posted on April 17, 2023 at 8:47 am GMT

US retail sales disappoint but Fed does not budge on its hawkish stance Dollar holds firm after Friday’s gains, stocks find some support from strong bank earnings But markets overall steady as busy data and earnings week gets underway Weak data revives recession jitters Recession fears are elevated after retail sales figures out of the United States on Friday pointed to slowing consumer demand in the world’s largest economy. Headline retail sales slumped by a worse-than-expected 1.0% in March compared [..]

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