Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable extends weakness into second straight day, initially deflated by stronger dollar on unexpectedly hot US inflation on Tuesday, while today’s softer than expected UK CPI data raised bets for BoE rate cut by June and added pressure on sterling.
Wednesday’s drop broke below 200DMA (1.2562) and pressured pivotal Fibo support at 1.2525 (38.2% of 1.2037/1.2827 rally / Feb 5/6 lows).
Daily close below 200DMA is seen as a minimum requirement to keep fresh bears in play, while firm break of 1.2525 would generate reversal signal and open way towards next key supports at 1.2458/32 (daily cloud base / 50% retracement).
Falling 10DMA (1.2615) marks initial resistance, guarding upper pivots at1.2650 zone (converged daily Tenkan/Kijun-sen) and 1.2690 (daily cloud top).
Res: 1.2615; 1.2650; 1.2670; 1.2690.
Sup: 1.2525; 1.2500; 1.2488; 1.2432.
-638435160501437686.png)
Interested in GBP/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0530 after mixed US data
EUR/USD bounced from a fresh 2024 low at 1.0495, but gains were modest ahead of US data releases. Initial Jobless Claims beat expectations, but wholesale-level inflation was hotter than anticipated. Demand for the US Dollar prevails despite overbought conditions.
GBP/USD depressed around 1.2650 on relentless US Dollar buying
GBP/USD is holding losses while flirting with multi-month lows near 1.2650 in the early American session. The pair remains vulnerable amid a broadly firmer US Dollar and softer risk tone even as BoE policymakers stick to a cautious stance on policy. Speeches from Powell and Bailey are eyed.
Gold depressed around $2,550 and at risk of falling further
Gold consolidates at two-month lows as the prevalent demand for the US dollar overshadows that for the safe-haven metal in a risk-averse environment. Central bank leaders' speeches stand out in the American session.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.