GBP/USD Forecast: Bearish pressure could increase below 1.3480
GBP/USD has reversed its direction after rising to its highest level in nearly two months at 1.3600 late Wednesday as the dollar's market valuation continues to impact the pair's action. Although the pound seems to have steadied around 1.3500 in the early European session, additional losses could be witnessed in case it drops below 1.3480. The minutes of the FOMC's December meeting minutes revealed that policymakers saw it appropriate for the Fed to start the balance sheet normalization process soon after the first rate hike. The publication showed that participants see the current economic conditions warranting a faster pace of balance sheet runoff compared to the previous normalization episode. Read more...
GBP/USD hovering between 1.3500-1.3550 levels post-hakwish Fed minutes as traders await Friday’s US jobs report
GBP/USD continues to trade on the back foot on Thursday as the US session gets underway, despite a weaker than expected US December ISM Services PMI survey, having failed to recover back to the north of the 1.3550 mark earlier. At current levels in the 1.3520s, the pair is trading lower by about 0.2% or 30 pips on the day, and about 0.5% below Wednesday’s pre-hawkish Fed minutes highs at 1.3600. Some FX strategists are surprised that the dollar hasn’t strengthened more in wake of the latest Fed minutes, having been surprised by the apparent appetite amongst FOMC members for a faster pace of tightening (using rate hikes and quantitative tightening). Read more...
GBP/USD
Overview
Today last price1.3534
Today Daily Change-0.0016
Today Daily Change %-0.12
Today daily open1.355
Trends
Daily SMA201.3368
Daily SMA501.3406
Daily SMA1001.3558
Daily SMA2001.3743
Levels
Previous Daily High1.3599
Previous Daily Low1.3523
Previous Weekly High1.355
Previous Weekly Low1.3393
Previous Monthly High1.355
Previous Monthly Low1.3161
Daily Fibonacci 38.2%1.357
Daily Fibonacci 61.8%1.3552
Daily Pivot Point S11.3515
Daily Pivot Point S21.3481
Daily Pivot Point S31.3439
Daily Pivot Point R11.3591
Daily Pivot Point R21.3633
Daily Pivot Point R31.3667
GBP/USD soars on hopes of a more hawkish BOE
The GBPUSD pair continued its bullish breakout as demand for the sterling continued rising. It is trading at a multi-month high of 1.3570, which is above the 25-day moving average. It is also above the ascending trendline shown in red. Also, its oscillators have continued rising. Therefore, the pair will likely keep rising as investors target the key resistance at 1.3600. Read more...
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