GBP/USD hovers above 1.2400 ahead of UK Retail Sales


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  • GBP/USD losses ground despite stronger US jobless claims data.
  • US Initial Jobless Claims rose to 231K compared to the expected 220K.
  • Pound Sterling faced a challenge due to the downbeat UK inflation data.

GBP/USD moves sideways with a negative tone near 1.2410 during the Asian hours on Friday. The US Dollar (USD) receives upward support despite the upbeat jobless claims data from the United States (US) and a decline in the US Treasury yields.

US Continuing Jobless Claims for the week ending on November 3 increased to the highest level since 2022 at 1.865 million, compared to the previous reading of 1.833 million. Additionally, Initial Jobless Claims for the week ending on November 10 rose to 231,000, exceeding the expected 220,000, and marking the highest level in nearly three months.

Despite these challenging labor market indicators, the US Dollar Index (DXY) recovered ground. Notably, the yield on the 10-year Treasury note bottomed at 4.43% on Thursday. However, it's observed that the DXY bids lower around 104.30 at the time of writing.

Federal Reserve speaker has taken to the news wires to push back against expectations of rate cuts. Cleveland Fed President Loretta Mester, in particular, emphasized that the US central bank is data-dependent when considering whether to raise rates further. This stance reflects the nuanced approach that the Fed is taking in response to economic conditions.

The UK inflation report for October revealed a notable decline in the annual rate of the Consumer Price Index (CPI), dropping to 4.6% from the previous level of 6.7%. The monthly rate also eased to 0.0%, falling short of the expected 0.1%.

Core CPI (Year-on-Year) also contracted to 5.7% from the previous reading of 6.1%. Despite the Bank of England (BoE) emphasizing the need for higher rates, market participants are not anticipating more rate hikes.

Investors await key economic indicators, focusing on UK Retail Sales and US housing data. These releases are anticipated to provide fresh insights into the economic activities of both countries, shaping market sentiment and potentially influencing trading decisions in the GBP/USD pair.

GBP/USD: Additional important levels

Overview
Today last price 1.241
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.2409
 
Trends
Daily SMA20 1.2248
Daily SMA50 1.2257
Daily SMA100 1.2511
Daily SMA200 1.2442
 
Levels
Previous Daily High 1.2456
Previous Daily Low 1.2376
Previous Weekly High 1.2429
Previous Weekly Low 1.2187
Previous Monthly High 1.2337
Previous Monthly Low 1.2037
Daily Fibonacci 38.2% 1.2407
Daily Fibonacci 61.8% 1.2426
Daily Pivot Point S1 1.2372
Daily Pivot Point S2 1.2334
Daily Pivot Point S3 1.2292
Daily Pivot Point R1 1.2451
Daily Pivot Point R2 1.2493
Daily Pivot Point R3 1.2531

 

 

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