GBP/USD Forecast: Pound Sterling buyers regain control ahead of US data
GBP/USD holds its ground and trades in positive territory above 1.3150 after closing higher on Wednesday. Investors await August ADP Employment Change data from the US.
The renewed US Dollar (USD) weakness helped GBP/USD gain traction during the American trading hours on Wednesday. The US Bureau of Labor Statistics reported that JOLTS Job Openings declined to 7.67 million in July from 7.9 million in June. As this reading missed the market expectation of 8.1 million by a wide margin, the immediate reaction caused the USD to weaken against its rivals. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD daily chart analysis shows that the British Pound to US Dollar currency pair is currently trending in an impulsive manner. The market follows an impulsive wave structure, indicating a strong directional movement consistent with the prevailing trend. The specific structure under analysis is gray wave 1, part of a larger wave sequence.
At this stage, the market is positioned in orange wave 3, which represents a crucial phase in the ongoing wave cycle. After the completion of orange wave 2 of 3, gray wave 1 of 3 has begun. This indicates that the market is progressing through the early stage of this wave, which typically results in significant price movements. Read more...
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