GBP/USD consolidating disappointing UK retail sales-led downslide

Haresh Menghani FXStreet

The GBP/USD pair was seen consolidating disappointing retail sales-led weakness and remained well offered near session low around mid-1.2200s.

After yesterday's failed attempt to build on to its recovery momentum above 1.2300 handle, the pair came under fresh selling pressure after UK monthly retail sales figure showed no growth in consumer spending during the month of September.

Moreover, the greenback, as measured by the overall US Dollar Index, continued gaining traction amid optimism led by increasing possibilities of an eventual win for Hillary Clinton at the upcoming US Presidential election in November after the third and final US presidential debate.

Next in focus would be ECB monetary policy decision and comments from ECB President Mario Draghi, at the subsequent press conference, which would drive broader sentiment surrounding the greenback and eventually provide impetus for the GBP/USD traders. Traders will also confront the release of US economic data that include - Philly Fed manufacturing index, weekly jobless claims and existing home sales data later during NA trading session.

Technical levels to watch

On a sustained weakness below 1.2250 immediate support, the pair is likely to head back towards a short-term ascending trend-channel support near 1.2200-1.2190 region. On the upside, 1.2300 handle remains immediate strong hurdle, which if clear seems to boost the pair towards 1.2330 resistance. This 1.2330 level is likely to cap any further up-move, while a decisive move above this strong resistance would negate any near-term bearish bias and open room for further near-term appreciating move for the pair.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.