All Articles Tagged - GBPUSD

Daily Market Comment – Sentiment improves on upbeat Chinese PMIs, dollar sags

Posted on March 1, 2023 at 10:11 am GMT

Strong China factory data boosts equities but rate hike fears limit gains Dollar pulls back, euro climbs as ECB starts QT Aussie and loonie up on China optimism but soft GDP numbers weigh Markets buoyed as China reopening boost starts to materialize After ending February on a sour note, equity markets started the new month in a cheerier mood with the help of some much-needed positive headlines from China. Manufacturing activity in the world’s second largest economy grew at the [..]

Technical Analysis – GBPUSD ticks up within the trading range

Posted on February 28, 2023 at 1:56 pm GMT

GBPUSD found support on the 200-day simple moving average (SMA) near the 23.6% Fibonacci retracement level of the upward wave from 1.0325 to 1.2450 at 1.1960. Although the market is still holding within a trading range, with upper boundary the 1.2450 resistance and lower boundary the 1.1840 support. The RSI is gaining some momentum near the neutral threshold of 50 and the MACD is moving laterally above its trigger and zero lines. The 50-day simple moving average (SMA) may act [..]

Daily Market Comment – Dollar pulls back, pound the main gainer

Posted on February 28, 2023 at 9:11 am GMT

Dollar slides as durable goods orders slip more than expected Pound outperforms on new Northern Ireland deal Equities gain, but outlook stays dim Dollar slips, but hike bets stay elevated The dollar traded lower against all the other major currencies on Monday, although it rebounded somewhat today. What prompted traders to liquidate their long dollar positions may have been the larger than expected slide in durable goods orders for January. The headline m/m rate tumbled to -4.5% from 5.1%, with [..]

Technical Analysis – GBPUSD extends sideways pattern between SMAs

Posted on February 28, 2023 at 9:00 am GMT

GBPUSD has been edging higher since September when it found its feet at the all-time low of 1.0324. However, this latest rebound seems to be fading after being rejected twice at the 1.2445 region, with the price remaining stuck in a tight range formed by its 50- and 200-day simple moving averages (SMAs). Despite the pair’s rangebound pattern, the short-term oscillators are indicating that near-term risks remain tilted to the downside. Specifically, the RSI is pointing downwards after failing to cross [..]

Daily Market Comment – Higher for longer Fed bets fortified after PCE inflation jump

Posted on February 27, 2023 at 10:15 am GMT

PCE inflation creeps up unexpectedly, pushing Fed’s terminal rate bets higher Yields surge again, dollar hits 7-week high as Wall Street tumbles Gold sinks too but pound perks up as Northern Ireland deal with EU eyed Disinflation doubt after core PCE shock The run of downside surprises in US inflation data has well and truly come to an end, at least for now, after the latest PCE price figures followed the CPI report in coming in above expectations. The Fed’s [..]

Daily Market Comment – Dollar extends gains after PMIs, awaits Fed minutes

Posted on February 22, 2023 at 9:12 am GMT

Dollar strengthens as better PMIs add to Fed hike bets Eurozone and UK PMIs also surprise to the upside Equities and risk-linked currencies feel the heat of hike bets Better PMIs fuel Fed hike bets and the dollar, Fed minutes on tap The dollar traded higher against all but one of the other major currencies yesterday, although it is trading mixed today. The only currency against which the greenback lost ground was the British pound. Following a streak of upbeat [..]

Daily Market Comment – Dollar creeps higher, stocks retreat as caution kicks in

Posted on February 21, 2023 at 10:05 am GMT

Dollar advances against risk-linked currencies, helped by rising yields Stocks retreat, investors face ‘reality check’ on expensive valuations European PMIs point to fading recession risks, RBNZ decision next Dollar gains as risk appetite sours A theme of dollar strength is coursing through the FX market, driven by the relentless advance in short-term US yields and the cautious tone in equity markets. Expectations around Fed policy underwent a massive repricing lately, after a string of encouraging US data releases convinced investors [..]

Technical Analysis – GBPUSD muted between SMAs as rebound falters

Posted on February 21, 2023 at 8:12 am GMT

GBPUSD has been attempting a solid recovery since September when the pair fell to an all-time low of 1.0324. However, this latest advance appears to be fading after being rejected twice at the 1.2445 region, while the price has been trading sideways between the 50- and 200-day simple moving averages (SMAs) in the past three weeks. Despite the latest consolidation, the momentum indicators currently suggest that bearish forces have taken control. Specifically, the RSI is pointing downwards below the 50-neutral mark and [..]

Technical Analysis – GBPUSD fails to extend losses below 200-day SMA

Posted on February 20, 2023 at 1:59 pm GMT

GBPUSD is still hovering beneath the medium-term uptrend line, but it found significant support level at the 23.6% Fibonacci retracement level of the up leg from 1.0325 to 1.2450 at 1.1960, which overlaps with the 200-day simple moving average (SMA). Traders should expect the market to continue developing inside a trading range with a 1.2450 resistance level and a 1.1840 support level. The RSI is moving south below the neutral threshold of 50, and the MACD oscillator is moving laterally [..]

Can the UK PMIs come to the pound’s rescue? – Forex News Preview

Posted on February 20, 2023 at 8:49 am GMT

After selling the pound due to the slowdown in the UK CPIs for January, traders are now turning their attention to the preliminary PMIs for February, to be released on Tuesday at 07:30 GMT. With the BoE now trailing both the Fed and the ECB in terms of rate hike expectations, can the PMIs come to the pound’s rescue? Inflation slowdown confirms BoE’s guidance change At its last meeting, the BoE decided to raise interest rates by 50bps as was [..]

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