• The British pound seesaws around 1.3600 amid risk-off sentiment.
  • Supply shortages and high energy prices dampen the market sentiment.
  • The US Dollar Index reaches a one and ½ year high, around 94.50.

The GBP/USD is barely unchanged 0.01% during the New York session, trading at 1.3595 at the time of writing. A negative tone surrounds the market sentiment, with European stock indices losing between 0.13% and 0.56%, except for the IBEX 35, which is in the green, up 0.20%. Meanwhile, US indices seesaw between loses and gains, without clear direction, with the Dow Jones Industrial up 0.15%, while the S&P 500 and the Nasdaq are down 0.02% and 0.20%, respectively.

Supply shortages and the ongoing energy crisis across Europe and Asia are factors that keep investors sidelined. The “buy the dip” narrative has remained shut-in, thus hurting the market sentiment, as traders scramble towards safe-haven assets, like the greenback.

The US Dollar Index reached a one and a half year high at 94.52

Meanwhile, the US Dollar Index that measures the buck’s performance against a basket of six peers is barely up 0.04%, at 94.40, trimming earlier losses, that saw the index dip to 94.22, putting a lid on the GBP/USD pair.

In the UK economic docket, the Claimant Count Change  (MoM) for September rose to -51.1K better than the August reading at -58.6K. At the same time, the ILO Unemployment Rate dropped to 4.5%, versus a previous reading of 4.6%, in line with expectations. 

Across the pond, the US JOLTS Job Openings fell to 10.439M versus 10.925M expected.  The quit rate increased to a record 2.9% as more people left their jobs, underscoring how wage increases, sign-on incentives, and many job vacancies fuel the turnover.

The market reaction was muted, leaving the GBP/USD pair influenced mainly by market sentiment, the Federal Reserve bond taper announcement, and the possibility of the Bank of England hiking interest rates. 

KEY ADDITIONAL LEVELS TO WATCH

GBP/USD

Overview
Today last price 1.3597
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.3596
 
Trends
Daily SMA20 1.3643
Daily SMA50 1.3738
Daily SMA100 1.384
Daily SMA200 1.3844
 
Levels
Previous Daily High 1.3674
Previous Daily Low 1.3584
Previous Weekly High 1.3659
Previous Weekly Low 1.3532
Previous Monthly High 1.3913
Previous Monthly Low 1.3412
Daily Fibonacci 38.2% 1.3619
Daily Fibonacci 61.8% 1.364
Daily Pivot Point S1 1.3562
Daily Pivot Point S2 1.3528
Daily Pivot Point S3 1.3472
Daily Pivot Point R1 1.3651
Daily Pivot Point R2 1.3708
Daily Pivot Point R3 1.3741

 

 

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