GBPUSD stuck in a tight range - Waiting for the final move
On Thursday, GBPUSD tested 1.3590 again and briefly reached 1.3615, but the bullish attempt failed. The price dropped back below the resistance zone.
For almost two weeks, GBPUSD has been moving up and down in this area. No major economic events are expected this week.
However, US and China officials will meet in London on Monday, June 9. Optimism for a deal is high, and this could push GBPUSD lower from this zone.
Bearish targets: 1.3425, 1.3350, 1.3250, 1.3170.
⚠️ Watch out! This pair is heavily influenced by news.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
On Thursday, GBPUSD tested 1.3590 again and briefly reached 1.3615, but the bullish attempt failed. The price dropped back below the resistance zone.
For almost two weeks, GBPUSD has been moving up and down in this area. No major economic events are expected this week.
However, US and China officials will meet in London on Monday, June 9. Optimism for a deal is high, and this could push GBPUSD lower from this zone.
Bearish targets: 1.3425, 1.3350, 1.3250, 1.3170.
⚠️ Watch out! This pair is heavily influenced by news.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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GBPUSD: The market is probably expecting an interest rate cut from the BOE
Today, the British pound faced a strong depreciation across the currency board after weak employment data in the UK.
The data showed a rise in the UK unemployment rate and a slowdown in wage growth. The odds are growing that the Bank of England could cut interest rates at its next meeting.
The market is also pricing in a rate cut at the September meeting, but that could happen sooner than we might expect given that interest rates are already very high.
The data showed that the UK unemployment rate rose to 4.6% in the three months to April, the highest since May-July 2021.
From our analysis, GBPUSD fell from 1.3575 to 1.3455, a drop of almost -120 pips.
Investors are today awaiting further positive updates from the ongoing US-China trade talks, which are now in their second day. This could help the US dollar become even stronger in the short-term.
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.