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GBP/USD_SPT - GBP/USD

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Six month high for the Dollar Index | FX ResearchWe haven't seen much movement in financial markets today, and that could have something to do with the market taking a breather after recent moves or positioning cautiously ahead of today's U.S. inflation data. Inflation data aside, the dollar did extend its run slightly, with the dollar index reaching a new six-month high and the euro briefly dropping below yesterday's yearly low before a minor bounce. Most of this recent surge in the dollar is driven by market expectations around the incoming U.S. administration, with President-elect Trump pushing policies that, if enacted, would be dollar bullish. Earlier today, Japan's producer prices came in above forecast, while Australian wage prices came in softer. Looking ahead, we have the upcoming U.S. inflation data, along with a round of Fed speak. Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
by BlackBull_Markets
Could the Cable reverse from here?The price is reacting off the pivot which has been identified as an overlap support and could rise to the 1st resistance which acts as a pullback resistance. Pivot: 1.2734 1st Support: 1.2672 1st Resistance: 1.2816 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
GBPUSD set up for further declineThe GBP/USD pair today is influenced by mixed technical and fundamental signals. Fundamentally, recent data suggests a softening in the UK's economic outlook, with low growth and high inflation leading the Bank of England (BoE) to keep interest rates steady. Market analysts expect this pause to persist, limiting upward pressure on GBP. Meanwhile, the U.S. dollar remains supported by stronger economic metrics, including persistent inflation and better-than-expected job numbers, which may prompt the Federal Reserve to remain hawkish longer. This economic divergence is putting downward pressure on GBP/USD in the short term. Technically, GBP/USD recently saw bullish momentum but has shown signs of a potential correction. The pair has support around the 1.2800 level, while resistance is in the 1.3150 range. Indicators such as the Moving Average Convergence Divergence (MACD) show upward momentum but with a slowdown, suggesting consolidation may be ahead. The Relative Strength Index (RSI) is near overbought territory, which aligns with a potential short-term pullback. Analysts suggest watching for a sustained breakout above 1.3100 as a bullish signal, but failure to hold above this level may lead to a retest of lower support levels around 1.2800 or below. Overall, while the long-term outlook for GBP/USD may lean bearish given UK economic challenges, short-term technical indicators suggest a cautious, range-bound approach.
Short
by Welburg_Trading
GBP / USD ! Support and good news for GBP ! signal BUYGBPUSD trend forecast November 12, 2024 The GBP/USD slipped back to recent lows on Monday, dipping below 1.2900 as traders await UK wages and jobs data set for release early Tuesday. Despite a quiet US session, risk-on sentiment remained strong, which continued to support the US Dollar. Good news data forecast for GBP with H1 support - suitable for BUY signal /// BUY GBP/USD : zone 1.28400 - 1.28200 SL: 1.27800 TP: 40 - 100 - 200 pips (1.30200) Safe and profitable trading
Long
by Moon-ForexAcademy
1
GBP/USD falls ahead of UK employment reportThe British pound is lower on Monday. In the North American session, GBP/USD is trading at 1.2870, down 0.33% on the day. The pound is coming of a sixth straight losing week, declining 3.5% during that time. It’s a quiet day on the data calendar, with no US events and only one minor UK release. The UK releases the employment report for the three months to September on Tuesday. Job growth soared by 373 thousand in the prior report, crushing the market estimate of 250 thousand. The labor market is expected to reverse directions, with a market estimate of -50 thousand. As well, the unemployment rate is projected to inch up to 4.1%, up from 4%. Wage growth excluding bonuses is expected to fall to 4.7% in the three months to September, down from 4.9% in the previous report. Wage growth has been easing but is still high and BoE policymakers are concerned about the possibility of a wage-price spiral. The strong growth in wages has contributed to high inflation in the services sector. The BoE holds its final policy meeting in December and Tuesday’s jobs report could impact market expectations. The BoE reduced rates by 25 basis points last week to 4.75% but with inflation falling to 1.7% in September, more rate cuts are likely on the way. A host of Federal Reserve members will deliver remarks on Tuesday and investors will be looking for clues about future rate moves. The Fed lowered rates by 25 basis points last week, a move that was well-telegraphed in advance. What will the Fed do at the December meeting? That is much less clear, as the markets have priced in a pause at 23%, a 25-basis cut at 2.9%, and a 50-basis cut at 22%, according to the CME’s FedWatch. GBP/USD is testing support at 1.2870. Below, there is support at 1.2822 There is resistance at 1.2933 and 1.2981
by OANDA
To analyze the GBP/USD chart using the trending strategy, we canTo analyze the GBP/USD chart using the trending strategy, we can observe the following key points: 1. **Current Trend**: The chart shows a bearish trend, indicated by a series of lower highs and lower lows. The price is currently fluctuating around the 1.28728 mark, suggesting a continuation of this downward momentum. 2. **Support and Resistance Levels**: - A notable resistance level is seen around 1.29164 (marked as "Minutes high"), which the price failed to break above multiple times. - Support is established around the 1.28724 level ("Minutes low"). The repeated testing of this support implies it may hold if the price approaches it again. 3. **Price Action**: The recent downward movements, characterized by sharp declines and retracements to upper levels, indicate market sellers are actively pushing the price lower. The Heikin Ashi candles also demonstrate a series of red candles, contributing to the bearish sentiment. 4. **Entry and Exit Points**: - A potential sell opportunity could arise if the price breaks below the current support (1.28724), confirmed by subsequent price action. - Conversely, a reversal signal would be indicated if the price rises and breaks above the resistance level (1.29164), suggesting a possible shift to a bullish trend.
Short
by Simeon6w