GBPUSD InsightHello, subscribers! It's great to see you all. Please feel free to share your personal opinions in the comments. Don't forget to like and subscribe.
Key Points
- Preliminary German CPI rose by 2.0% year-on-year, exceeding expectations and the previous month's figure.
- U.S. Q3 GDP grew by an annualized 2.8% quarter-on-quarter, falling short of market expectations.
- U.S. ADP private employment increased by 233,000, surpassing both market expectations and the previous month's revised figure, raising anticipation for this week’s Non-Farm Payrolls and unemployment rate data.
- ECB Executive Board Member Isabel Schnabel stated that the fight against inflation continues, and a gradual approach remains appropriate to remove policy constraints.
- The Fed has entered its blackout period, and the CME FedWatch tool reflects a 96.1% chance of a 25 bp rate cut at the November meeting.
Economic Indicators
-October 31: Bank of Japan rate decision, Eurozone October Consumer Price Index, U.S. September Personal Consumption Expenditures Price Index.
- November 1: U.S. October Non-Farm Payrolls, unemployment rate.
Chart Analysis
GBP/USD appears to be rising, supported by the trendline, suggesting potential growth up to the 1.34000 level. However, if Trump wins the election, there may be an adjustment to the Fed’s rate cut pace, which could impact market direction. If the lower trend support breaks, GBP/USD is likely to retreat toward the 1.26000 line.
If market direction shifts downward due to various factors, we will promptly adjust our strategy.
