All Articles Tagged - GBPUSD

Will UK growth data spoil the pound’s bounce back? – Forex News Preview

Posted on January 11, 2023 at 1:48 pm GMT

Britain’s economy has been on the receiving end of some of the more pessimistic forecasts around for 2023 and Friday’s data dump, due at 07:00 GMT, isn’t anticipated to lift any of the gloom. The monthly output indicators will likely show that the economy went back into contraction in November, even as the Bank of England is expected to hike interest rates by another 50 basis points at its next meeting in February. A poor set of data could scupper [..]

Technical Analysis – GBPUSD holds a bullish bias but the momentum is weak

Posted on January 10, 2023 at 8:51 am GMT

GBPUSD returned back above the medium-term uptrend line after the fall below the 23.6% Fibonacci retracement level of the upward wave from 1.0325 to 1.2450 at 1.2050. Currently, the price is losing some momentum, confirmed by the technical oscillators. The MACD is moving sideways near the zero level, while the RSI is sloping down near the 50 neutral threshold of 50. Failure to remain above the ascending line could send the price down to the 200-day simple moving average (SMA) at 1.2000, which [..]

Daily Market Comment – Markets rally after softer wage growth tempers Fed bets

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

Another solid jobs report in December but easing wages raise soft landing hopes Wall Street and global equities rally as China reopening adds to optimism Commodities climb too as dollar approaches 7-month lows Markets cheer US data pointing to slowing economy Friday’s flurry of data produced a distinguishingly mixed picture on the US economy but for the markets, it was an all-round positive day as traders grew more confident that inflationary pressures are ebbing. The first piece of good news for [..]

Week Ahead – US inflation back in focus, UK data to underline recession risks

Posted on January 5, 2023 at 3:26 pm GMT

After a choppy start to the new year, markets will be bracing for the next set of CPI data out of the United States next week amid ongoing unease about Fed policy. Inflation stats are also due out of Australia, while in the United Kingdom, monthly GDP numbers could stoke recession fears yet again. China’s economy will be at the forefront of investors’ minds too as the December economic indicators start rolling in. But a potentially bigger market-moving event is [..]

Technical Analysis – GBPUSD bounces off 23.6% Fibonacci and meets 200-day SMA

Posted on January 4, 2023 at 1:38 pm GMT

GBPUSD rebounded off the 23.6% Fibonacci retracement level of the up leg from 1.0325 to 1.2450 at 1.2050 and is currently flirting with the 200-day simple moving average (SMA) as well with the medium-term uptrend line. From the technical perspective, the MACD is losing ground above the zero level, while the RSI is pointing marginally up near the neutral threshold of 50. Should bearish dynamics dominate, the market might revisit the 50-day SMA around the 1.1900 psychological level. Below [..]

Technical Analysis – GBPUSD pinned down near 200-day SMA

Posted on January 3, 2023 at 8:34 am GMT

GBPUSD has been marching higher since September when the pair recorded an all-time low of 1.0324. However, in the short-term, the price appears to be stuck in a tight range around the 200-day simple moving average (SMA), with the narrowing Bollinger bands reinforcing the case of a potential impending spike. The short-term oscillators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI slid below its 50-neutral mark, while the stochastic oscillator is set to post a bearish [..]

Technical Analysis – GBPUSD battles with 200-day SMA as pullback extends

Posted on December 28, 2022 at 9:02 am GMT

GBPUSD has been edging higher after finding its feet at the all-time low of 1.0324 in late September. Even though the pair has staged a strong rebound, it is currently experiencing downside correction, with the 200-day simple moving average (SMA) acting as a strong floor. The short-term oscillators currently suggest that bearish forces are in control. Specifically, the RSI slid below its 50-neutral mark, while the MACD histogram is declining below its red signal line in the positive territory. If the negative [..]

Technical Analysis – GBPUSD at risk of losing more ground

Posted on December 27, 2022 at 2:30 pm GMT

GBPUSD paused its latest decline within the 1.2000 territory and is currently consolidating its losses between two ascending trendlines and the 200-day simple moving average (SMA). The RSI and the MACD are dampening hopes for a meaningful rally as the former is set to cross below its 50 neutral mark and the latter keeps decelerating below its red signal line. Hence, the focus will probably remain on the lower trendline at 1.2030, a break of which is expected to face the [..]

Could the famous “five-day” rule reveal the market direction for the new trading year? – Special Report

Posted on December 23, 2022 at 11:19 am GMT

The start of each trading year is usually tricky for market participants as they leave behind the festive period. The hype about the new year is not enough to keep the spirit high, but there is an unofficial market rule that makes the first few market sessions purposeful. The famous “five-day” rule states that the yearly performance of the US 500 cash index would be positive if the return on the first five trading days of the year is positive. There have been a [..]

Technical Analysis – GBPUSD tests the short-term uptrend line; still bullish bias

Posted on December 23, 2022 at 10:48 am GMT

GBPUSD is rebounding off the short-term uptrend line and is flirting with the 200-day simple moving average (SMA), trying to keep the bullish mode. After reaching the record low of 1.0325, the pair turned up, shifting the outlook to positive; however, technical oscillators are indicating a negative correction may be on the horizon. The RSI is standing near the neutral level of 50, while the MACD is losing momentum below its trigger line in the bullish area. Jumping above the [..]

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