GBP/USD Forecast: Pound Sterling stays in consolidation ahead of key data releases
Following the bearish action seen in the first half of the previous week, GBP/USD went into a consolidation phase. After closing virtually unchanged on Thursday and Friday, the pair continues to move sideways below 1.3100 to begin the new week.
Upbeat macroeconomic data releases from the UK helped Pound Sterling stay resilient against its rivals on Friday. The cautious market mood, however, made it difficult for GBP/USD to gather bullish momentum heading into the weekend. Meanwhile, the data from the US showed that the Producer Price Index (PPI) for final demand rose 1.8% on a yearly basis in September, coming in above the market expectation of 1.6% and supporting the USD. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD Elliott Wave analysis on the daily chart indicates that the pair is currently in a counter-trend corrective phase, with navy blue wave 2 in progress. This phase follows the completion of navy blue wave 1, marking a temporary retracement before the broader trend resumes.
The current wave structure suggests that gray wave 3 forms part of the broader corrective pattern. Once navy blue wave 2 completes, the next move is expected to lead the market into navy blue wave 3, signaling a continuation of the upward trend. Read more...
GBP/USD Weekly Forecast: Pound Sterling at risk as UK inflation to impact on BoE’s rate prospects
The Pound Sterling (GBP) booked the second straight weekly loss against the US Dollar (USD), sending the GBP/USD pair to the lowest level in a month below 1.3050.
A surprisingly strong United States (US) Nonfarm Payrolls (NFP) report for September suggested that the US labor market is in a healthier condition than initially feared, ruling out any possibility that the Federal Reserve (Fed) opting for a 50 basis points (bps) interest rate cut in November. Read more...
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EUR/USD continues to grind out further losses
EUR/USD continued to drift into the basement on Wednesday, clipping into a 54-week low and settling within touch range of 1.0550. Fiber continues to shed weight on the charts as broader FX markets pivot full-bore into holding the Greenback.
GBP/USD sheds weight for a fourth straight day on Wednesday
GBP/USD eased further into the low end on Wednesday, trimming further south of the 200-day Exponential Moving Average in a one-sided bearish decline as the pair closes in the red for a fourth consecutive trading day.
Gold extends slide to fresh two-month low
After shedding some ground throughout the first half of the day, the US Dollar is back in fashion. XAU/USD trades at its lowest in two months in the $2,580 region and is technically poised to extend its slump.
Australia unemployment rate expected to remain steady for third straight month in October
The Australian Unemployment Rate is foreseen stable at 4.1% in October. Employment Change is expected at 25K, much lower than the 51.6K posted in September. AUD/USD is under pressure and may soon pierce the 0.6500 mark.
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.
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