GBP/USD Forecast: Pound Sterling stays in consolidation ahead of key data releases
Following the bearish action seen in the first half of the previous week, GBP/USD went into a consolidation phase. After closing virtually unchanged on Thursday and Friday, the pair continues to move sideways below 1.3100 to begin the new week.
Upbeat macroeconomic data releases from the UK helped Pound Sterling stay resilient against its rivals on Friday. The cautious market mood, however, made it difficult for GBP/USD to gather bullish momentum heading into the weekend. Meanwhile, the data from the US showed that the Producer Price Index (PPI) for final demand rose 1.8% on a yearly basis in September, coming in above the market expectation of 1.6% and supporting the USD. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD Elliott Wave analysis on the daily chart indicates that the pair is currently in a counter-trend corrective phase, with navy blue wave 2 in progress. This phase follows the completion of navy blue wave 1, marking a temporary retracement before the broader trend resumes.
The current wave structure suggests that gray wave 3 forms part of the broader corrective pattern. Once navy blue wave 2 completes, the next move is expected to lead the market into navy blue wave 3, signaling a continuation of the upward trend. Read more...
GBP/USD Weekly Forecast: Pound Sterling at risk as UK inflation to impact on BoE’s rate prospects
The Pound Sterling (GBP) booked the second straight weekly loss against the US Dollar (USD), sending the GBP/USD pair to the lowest level in a month below 1.3050.
A surprisingly strong United States (US) Nonfarm Payrolls (NFP) report for September suggested that the US labor market is in a healthier condition than initially feared, ruling out any possibility that the Federal Reserve (Fed) opting for a 50 basis points (bps) interest rate cut in November. Read more...
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