GBP/USD: Slight consolidation here – Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, points out that GBP/USD has reached the 61.8% retracement of the move seen this year, at 1.2838.

Key Quotes

“We are seeing some slight consolidation here, but provided dips lower hold over 1.2582 (20th September high) an immediate upside bias is maintained. There is scope for further strength towards the 200 week ma at 1.3156.”

“Immediate support lies at 1.2582 the 20th September high ahead of the 1.2382 17th July low and the 1.2248 uptrend. The near term uptrend guards 1.2196/94.”

“Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.