GBPUSD marches towards two-month high at 1.1740 amid euphoric market mood, UK GDP eyed
The GBPUSD pair is advancing firmly to kiss the two-month high at 1.1738 in the early Tokyo session. A significant drop in the US inflationary pressures has infused an adrenaline rush into risk-sensitive assets. Euphoria in the market mood has improved the risk appetite of investors vigorously. S&P500 soared like there is no tomorrow as mounting price pressures in the US economy have been hammered. A meaningful decline in price growth has trimmed downside risks to economic projections and the risk of a recession situation. Earlier, economists were expecting that continuous policy tightening measures by the Federal Reserve (Fed) would shift the US economy into a recession. And, when the US sneezes, developing countries catch a cold. Read more...
GBPUSD Forecast: Pound Sterling needs to reclaim 1.1400 to attract buyers
GBPUSD has started to fluctuate in a relatively tight range on Thursday after having registered large losses on Wednesday. The pair trades below key resistance levels and the technical outlook suggests that buyers remain on the sidelines. Nevertheless, the market reaction to the US October inflation data is likely to provide the next directional clue for the pair. In the absence of high-impact macroeconomic data releases, the risk-averse market environment allowed the US Dollar to gather strength against its major rivals on Wednesday. Although the US stock index futures trade modestly higher on the day, it's too early to assume that risk flows have returned to markets. Read more...
GBPUSD outlook: Fresh bears found a footstep above key support and eye US inflation data for signal
Cable is consolidating within a narrow range, following Wednesday’s 1.6% drop, which retraced over 50% of the recent 1.1146/1.1599 upleg. Although a reversal pattern formed on a daily chart, fresh bears face strong headwinds from significant support at 1.1319 (top of thick daily cloud / Fibo 61.8%) which so far keeps the downside protected and prevent confirmation of reversal. Read more...
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