All Articles Tagged - GBPUSD

Daily Market Comment – Yen goes into freefall, stocks stage another relief rally

Posted on October 18, 2022 at 9:20 am GMT

Yen hits 32-year low against dollar as Japan’s currency crisis deepens Sterling recovers after new finance minister tears up disastrous tax plans Stock markets stage comeback too, encouraged by rosy bank earnings Yen breaks down Japan’s currency crisis has snowballed into a total meltdown. The yen sliced through some crucial support regions like butter over the last couple of weeks to hit its lowest level in more than three decades against the US dollar, prompting another round of verbal intervention [..]

Technical Analysis – GBPUSD faces a rocky path ahead

Posted on October 18, 2022 at 7:45 am GMT

GBPUSD continued to flirt with the 1.1400 round level for the fourth consecutive trading day, despite its muted tone early on Tuesday. The price was also pushing for a close above a short-term descending trendline, which has kept the bulls under control so far this month. Despite the efforts, the technical picture continues to question the prospect for a meaningful rally. The RSI has barely increased above its 50 neutral mark, remaining below its previous high, while the stochastics seem to be looking for a bearish [..]

Daily Market Comment – Stocks edge up, pound recovers after tumultuous trading

Posted on October 17, 2022 at 9:29 am GMT

Pound’s rollercoaster ride not over as new UK finance minister’s statement awaited Dollar gets off to a softer start despite elevated Fed rate hike bets, yen in focus US equity futures rise but cautious mood prevails Pound looks to new chancellor to restore some order There was no escaping the political drama at Westminster as the pound remains gripped by the unfolding crisis sparked by the Truss government’s irresponsible policies. Investors initially cheered the reports on Friday that Prime Minister [..]

UK inflation set to hit double digits again amid political uncertainty – Forex News Preview

Posted on October 17, 2022 at 8:46 am GMT

The UK has been in political disarray recently, with the UK government announcing more reversals to its fiscal plans, the chancellor of the exchequer being replaced, and Conservative lawmakers preparing to submit letters of no confidence in the new prime minister. In the midst of this political drama, on Wednesday at 06:00 GMT, data is expected to reveal that UK inflation rebounded to double digits again. What does this mean for the BoE’s future course of action and how may the [..]

Week Ahead – Inflation data may keep pound in the firing line, China GDP on tap

Posted on October 14, 2022 at 11:22 am GMT

Inflation will dominate the market theme again in the coming week as, after the United States, it will be the turn of others to face their inflation demons. With the risk of recession growing by the day but not a lot changing with the inflation dynamics, UK CPI figures will attract the most attention, while a modest pickup in Japan is unlikely to spur any policy shifts at the Bank of Japan. China will also come under the spotlight as [..]

Technical Analysis – GBPUSD gives up some ground ahead of UK PM’s press conference

Posted on October 14, 2022 at 11:16 am GMT

GBPUSD shifted to the sidelines after Thursday’s quick advance halted marginally near the 200-period simple moving average (SMA) at 1.1300 as it did earlier this month. The stochastics have exited the overbought territory, while the RSI, although above 50, has a negative slope, both reflecting a weakening market sentiment as investors await more details on a potential budget U-turn by the UK prime minister. Sellers, however, may not take charge unless the price slips below the 23.6% Fibonacci retracement of [..]

Daily Market Comment – US inflation shocker leaves trail of confusion in markets

Posted on October 14, 2022 at 8:42 am GMT

US inflation surprises to the upside, boosting Fed rate bets Dollar jumps and stocks drop, before a stunning turnaround Yen sinks even deeper, sterling capitalizes on political reversal Inflation blues Another shockingly hot US inflation report rocked financial markets yesterday, boosting bets that the Federal Reserve will raise interest rates to almost 5% before this cycle concludes. The core CPI rate overcame forecasts to reach a fresh four-decade high in September, with sticky categories such as medical care and rents [..]

Daily Market Comment – US CPI data enters the limelight, BoE sticks to its guns

Posted on October 13, 2022 at 8:26 am GMT

Dollar up on PPI data, down on Fed minutes Investors lock gaze on US CPI numbers Pound rebounds, but BoE cuts gains short Dollar/yen keeps rising as yen stays helpless Dollar calm after some ups and downs The US dollar traded in a quiet manner during the Asian session today, and although it had some ups and downs yesterday, its broader trend and outlook have barely changed. The greenback received a small boost after data revealed that US producer prices [..]

Technical Analysis – GBPUSD recovers somewhat after 5-day losses

Posted on October 12, 2022 at 1:21 pm GMT

GBPUSD is recouping some of the preceding five days’ losses, jumping above the 1.1000 round number. Since the beginning of the year, the pair has been on a sustained slide, reaching a record low of 1.0325 in the middle of September. Currently, the momentum indicators point to an upward bias in near-term risks. The RSI is ticking slightly higher below the neutral threshold of 50, while the MACD is standing above its trigger line in the negative region. If selling pressures abate [..]

Daily Market Comment – Pound drops on Bailey’s remarks; Yen flirts with intervention again

Posted on October 12, 2022 at 8:32 am GMT

BoE Gov. Bailey rules out extending bond-buying support Intervention warnings resume as yen tumbles to fresh lows Dollar eases ahead of US inflation data IMF downgrades world growth forecasts, warns of recession Pound falls as Bailey says BoE support program to end Friday The pound was the main loser among the major currencies yesterday, coming under strong selling interest after Bank of England Governor Andrew Bailey warned pension fund managers to end their rebalancing process by the end of the [..]

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