GBP/USD - 1.2212.. Cable also moved sideways with euro in Asia n started to climb in Europe on broad-based usd's retreat n then jumped in NY morning after softer-than-expected U.S. CPI to as high as 1.2277 b4 falling on profit taking.

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven usd's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in Feb suggests a major low is made. Having said that, cable's erratic fall to 1.2162 in Dec 2021 n then continued fall this year to a 1.1934 in mid-Jun n weakness to a 2-year trough of 1.1761 in mid-Jul signals cor- rection fm 1.1412 over. Having said that, subsequent strg rise to 1.2293 last Mon n Wed's gain to 1.2277 may re-test 1.2293, abv, 1.2332 but 1.2406 would hold.

Today, cable's rise fm 1.2004 (Fri) to y'day's 1-week 1.2277 top suggests pullback fm Aug's 1-month peak at 1.2293 peak has ended, abv would extend upmove fm 1.1761 twd 1.2332 next week. Intra-day retreat would bring range trading b4 up n only below 1.2175 aborts bullish view, risks 1.2137, break, 1.2063/66 Mon.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.