GBP/USD: Selling pressure on Cable has stabilised [Video]
Coming into the Fed meeting today, we see Cable once more at a key crossroads. Overhead resistance is a key barrier this morning. Initially the trendlines, with a confluence resistance of a two week downtrend and the underside of the old six month uptrend coming in around 1.2900/1.2930. Just overhead sits the key medium term overhead supply starting around 1.2980. There has been a notable improvement in the daily candlesticks in the past few sessions coming into the FOMC meeting, as the selling pressure on Cable has stabilised. However, given the breakdown of the six month uptrend, we see a far less positive medium term outlook now. A failure to recover back into the 1.30s will sustain what we see as a neutral outlook between 1.2650/1.3000. Expect elevated volatility today and how Cable sits when the dust settles will be key. Read More...
GBP/USD advances above 1.2970 as focus shifts to FOMC meeting
The GBP/USD pair preserved its bullish momentum during the European session on Wednesday and rose to its highest level in nearly a week at 1.2973. As of writing, the pair was up 0.65% on the day at 1.2970.
Earlier in the day, the data published by the UK's Office for National Statistics showed that the annual inflation, as measured by the Core Consumer Price Index (CPI), slumped to 0.9% in August from 1.8% in July. However, this reading came in higher than the market expectation of 0.6%. Read More...
|Today last price||1.2981|
|Today Daily Change||0.0092|
|Today Daily Change %||0.71|
|Today daily open||1.2889|
|Previous Daily High||1.2926|
|Previous Daily Low||1.2815|
|Previous Weekly High||1.3279|
|Previous Weekly Low||1.2763|
|Previous Monthly High||1.3396|
|Previous Monthly Low||1.2982|
|Daily Fibonacci 38.2%||1.2884|
|Daily Fibonacci 61.8%||1.2858|
|Daily Pivot Point S1||1.2827|
|Daily Pivot Point S2||1.2765|
|Daily Pivot Point S3||1.2716|
|Daily Pivot Point R1||1.2939|
|Daily Pivot Point R2||1.2988|
|Daily Pivot Point R3||1.305|
GBP/USD anlaysis: Remains below weekly PP
Since yesterday, the GBP/USD exchange rate has been consolidating near the 1.2900 level.
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs near 1.2870 and extend gains in the short run. A possible upside target is the 200-hour moving average near 1.2990.
In the meantime, note that the pair would have to exceed the weekly PP at 1.2945. If the given resistance holds, it is likely that the rate could maintain its consolidation. Read More...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.