The GBP/USD has revealed a support range at 1.2665/1.2675. The range provided enough support to cause a surge that was strong enough to pass the 1.2700 mark, a resistance range, two simple moving averages. However, as the rate was piercing the upper trend line of the channel down pattern and the 200-hour simple moving average, it eventually failed and a
In the aftermath of the high USD volatility, the GBP/USD has returned to trade near the 1.2700 mark. The 1.2700 appears to have failed to act as support, but the 1.2680 level has provided support and caused a recovery. On Wednesday, the recovery faced the resistance of the 50 and 100-hour simple moving averages and the 1.2735/1.2750 range. Economic Calendar The second
The US Bureau of Labor Statistics has published the monthly employment data. Released data has shown a major increase in unemployment. The US Dollar index reacted to the news by sharply declining. Average Hourly Earnings were forecast to show a monthly increase of 0.3%. The actual income change is just 0.2%. Non-Farm Employment Change was expected to show a reading of
In general, the GBP/USD continued to fluctuate above the 1.2800/1.2820 range until the morning before the publication of the Bank of England Official Bank Rate. During the morning hours, the markets pushed the rate down by as much as 100 points. As the rate was released, the GBP/USD recovered only to find resistance in the 1.2800/1.2820 zone. Economic Calendar On Friday, the
The GBP/USD continues to decline in the channel down pattern, as the rate encountered the upper trend line of the channel at the start of the week's trading, before reaching new low levels. Note that the trend line was strengthened by the 100-hour simple moving average and the weekly simple pivot point at 1.2885. By mid-Monday's trading hours, the rate had
The rate has encountered resistance near 1.2940 and declined to the support of the 1.2845/1.2855 range. The range is keeping the rate from declining further. However, the 50 and 100-hour simple moving averages are approaching from above and could push the rate down. Meanwhile, it has been spotted that the decline has occurred in a channel down pattern. In the
The GBP/USD had reached below the 1.2900 mark, but found support at 1.2880. On Wednesday morning, the rate was fluctuating between these two levels, as the UK S&P 500 Purchasing Managers Indices were released. The better than expected data caused a surge of the Pound against the US Dollar above the 1.2900 level. However, resistance was encountered in the 50-hour
After failing to reach the 1.3050 mark, the GBP/USD overextended its surge at 1.3045, booked a new 2024 high level and started a decline. Eventually, the pair found support in the 1.2900 mark. Economic Calendar On Wednesday, various exchange rates could react to the publication of the Markit Services and Manufacturing Purchasing Managers Indices. They are called indices, but in fact
The last week's breaking of the 1.2800/1.2820 range has been followed up by a surge to the 1.3000 mark. The 1.3000 is acting as resistance and keeping the GBP/USD down. Economic Calendar On Tuesday, watch the publication of the US Retail Sales at 12:30 GMT. The markets could move due to an adjustment in the USD value. GBP/USD hourly chart analysis The approaching
Friday's US employment data revealed that the US economy is slowing down, as unemployment increased. This in turn signals that the US Federal Reserve can cut interest rates and weaken the USD. Meanwhile, the UK elections were rather calm. On the GBP/USD charts, it resulted in the pair passing above the 1.2800/1.2820 resistance range, as the Pound has strengthened, compared
Fundamentals have moved the financial markets. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop. On the GBP/USD charts it has resulted in a surge above the 1.2750 level. In the meantime, it has
Since June 20th, the GBP/USD has been trading between the support of the 1.2620 level and the resistance of the 1.2700 mark. On Monday, the pair appeared to be heading for another test of the 1.2700 mark. In general, the sideways trading is attributed to the upcoming elections in the United Kingdom. The rate might remain near 1.2700 until Thursday.
As the markets wait for the UK elections, the GBP/USD has been drawn to the 1.2700 mark as a magnet. However, most recently, the pair bounced off this level and started a decline. On Wednesday, the rate was expected to reach the 1.2620 level. Economic Calendar This week, watch out for the US Core PCE Price Index release on Friday at
The rate was testing the resistance zone above 1.2800, as the US employment data release revealed that the US interest rates can remain higher for longer. The GBP/USD plummeted and headed to the 1.2700 mark. Economic Calendar There are a number of notable upcoming scheduled events to watch. On June 12 at 12:30 GMT, the United States Consumer Price Index will reveal
The 1.2800 mark did not manage to hold, as the GBP/USD currency pair moved above it during late Monday's trading hours. However, the 1.2815 level acted as resistance and forced the rate down to the 1.2740 level. At that level support was found in the 100 and 200-hour simple moving averages and the weekly simple pivot point. Economic Calendar This week, the
Despite passing below 1.2700, the GBP/USD has not declined, as support was found in the 1.2680 level. This level managed to force the pair to trade back above 1.2700. On Monday, the publication of the US ISM Manufacturing PMI caused a surge of the rate and it was set to once again test the 1.2800 mark. Economic Calendar This week, the
The 1.2800 level has been reached as expected. It has acted as resistance and the scenario of a decline has been ongoing. At mid-Wednesday, the pair passed below the 200-hour simple moving average and the weekly simple pivot point near 1.2725. Next target was the 1.2700 mark Economic Calendar On Thursday, at 12:30 GMT the publication of the United States Preliminary
Despite passing below the 1.2700 mark, the GBP/USD did not decline further, as it found support in the 200-hour simple moving average at 1.2675. On Monday, the rate was reaching new high levels and aiming at the 1.2800 level. Economic Calendar This week, the markets will concentrate first on the US CB Consumer Confidence release on Tuesday at 14:00 GMT. A surprise
As expected, the GBP/USD has reached the 1.2700 mark. Current issue for further surge is the fact that the 1.2700 represents strong resistance.Meanwhile, Dukascopy traders have been observed adding to short positions. Economic Calendar This week, various Federal Reserve speakers are giving speeches about monetary policy. It appears that they could make comments that create sudden moves. In regards to macroeconomic data releases,
The surge of the GBP/USD has continued due to the prior momentum. On Wednesday, the lower than expected US CPI boosted the move. In the near term future, the pair could approach the 1.2700 mark. Meanwhile, it was noted that most traders were long since Monday. On Wednesday data indicated taht profits had been taken.Economic Calendar Notable events for this week are
Last week, despite being pierced, the 1.2460/1.2470 range held as support and forced the pair to recover. On Monday, the recovery was stuck between the support of the three hourly simple moving averages and the weekly simple pivot point near 1.2520 and the resistance range at 1.2535/1.2550. Economic Calendar The US Consumer Price Index will impact the market this week. Everything else
The Bureau of Labor Statistics has published the Non-farm Employment Change, Average Hourly Earnings and the Unemployment Rate. The data has been abysmal. The data reveals that the US economy is not doing well, as the Chairman of the Fed stated on Thursday. The economy is declining. A declining economy might need interest rate cuts. Non-farm Employment Change was forecast to
On May 1, US monetary policy makers, who decide upon the supply of the US Dollar, announced the Federal Funds Rate. The rate is used as a base rate for all USD denominated debt. The Fed has kept the interest rate unchanged at 5.50%, as the financial markets expected. In addition, the central bank has published the Federal Open Markets
The GBP/USD currency pair initially failed to reach above the 1.2535/1.2540 range. However, on Monday, the range was passed. On Tuesday, the 50-hour simple moving average caught up with the pair and provided additional support. Economic Calendar This week, the top fundamental event will take place. The United States Federal Reserve will announce its monetary policy on Wednesday at 18:00 GMT. In