GBP/USD Elliott Wave technical analysis [Video]
The analysis suggests that orange wave 2 appears to have completed, paving the way for the development of orange wave 3 within navy blue wave 3. Consistent with Elliott Wave Theory, impulsive waves signify strong directional moves, and the active orange wave 3 signals a notable bearish phase with further potential for price declines.
This Elliott Wave analysis provides a structured approach for traders to interpret GBPUSD’s bearish momentum. By emphasizing critical levels and directional trends, the analysis supports an understanding of the ongoing downward trajectory as the impulsive wave unfolds. Read more...
GBP/USD Forecast: Pound Sterling closes in on next key resistance
After spiking to its highest level since November 12 above 1.2800 on Friday, GBP/USD reversed its direction in the American session and closed in the red, snapping a three-day winning streak. In the European morning on Monday, the pair holds its ground and looks to test 1.2780 resistance.
The data published by the US Bureau of Labor Statistics (BLS) showed on Friday that Nonfarm Payrolls (NFP) in the US rose by 227,000 in November, beating the market expectation for an increase of 200,000. The Unemployment Rate edged higher to 4.2% from 4.1% in the same period, while the annual wage inflation, as measured by the change in the Average Hourly Earnings, remained unchanged at 4%, coming in above analysts' forecast of 3.9%. After suffering large losses against its major rivals on Thursday, the US Dollar (USD) benefited from the upbeat jobs report late Friday, causing GBP/USD to stretch lower. Read more...
GBP/USD Weekly Forecast: Pound Sterling looks at US inflation amid data-light week
Political turbulence in South Korea and France, US President-elect Donald Trump’s tariff threats, and the diverging monetary policy outlooks between the US Federal Reserve (Fed) and the Bank of England (BoE) emerged as the main drivers for the GBP/USD price action.
On Monday, the pair started the week negatively, tumbling over a big figure to hit weekly lows at 1.2617. Since then, Pound Sterling buyers fought back control and resumed the previous week’s recovery to reach the highest level in three weeks above 1.2750. Read more...
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