GBP/USD outlook: Bullish bias above rising daily cloud
Cable remains at the front foot and extends recovery on Friday morning, after fresh bulls registered break and close above the top of rising daily cloud.
Fading US recession fears and solid Chinese economic data revived risk sentiment while sterling gets support from diverging US/UK monetary policies (bets for the size of Fed rate cuts this year went well above expectations for BoE’s action) keeping pound underpinned. Read more...
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GBP/USD Forecast: Pound Sterling finally benefits from risk flows
After falling to its weakest level since early July below 1.2700 on Thursday, GBP/USD gained traction and closed the day in positive territory. The pair preserves its recovery momentum and continues to stretch higher toward 1.2800 in the European session on Friday.
The US Department of Labor reported on Thursday that the number of first-time applications for unemployment benefits dropped to 233,000 in the week ending August 3 from 250,000 in the previous week. The immediate market reaction to this data helped the US Dollar (USD) gather strength and dragged GBP/USD lower. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD Elliott Wave Analysis on the daily chart concentrates on a trending market with an impulsive mode, indicating a strong upward momentum. The wave structure under review is Orange Wave 3, which suggests the market is in the midst of a significant upward trend as part of a larger impulsive wave sequence.
Currently, the market is positioned in Navy Blue Wave 3. This wave positioning indicates the market's continued upward progression within the ongoing impulsive wave, contributing to the overall trend. The analysis indicates that the direction for the next higher degrees aligns with the continuation of Orange Wave 3, which has already begun and is propelling the market further upward. Read more...
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