On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity. On GBP/USD charts it resulted in a strengthening of the ongoing recovery. The rate reached the resistance of the 1.2460 level. This resistance held
The GBP/USD found support in the 1.2300 mark on Monday, and recovered to the resistance of the 50-hour simple moving average on Tuesday. Meanwhile, it has been observed that traders remain long, despite the pair continuing to book new low levels.Economic Calendar At 13:45 GMT, all of financial markets could move due to the publication of the United States Manufacturing and Services
The GBP/USD has revealed that it has been finding support in the 1.2410/1.2425 range. This range has kept the pair up throughout the week. Meanwhile, the 50 and 100-hour simple moving averages near 1.2450 and 1.2470. On Thursday, the moving averages failed to keep the pair down and a surge was expected to occur. Economic Calendar This week, notable events are over.
The decline of the Pound against the US Dollar has found support in the 1.2425/1.2435 range. However, by mid-Monday, the rate had reached the resistance of the 50-hour simple moving average and the 1.2500 mark. It was observed that the broader decline was resuming. Economic Calendar On Wednesday, the UK Consumer Price Index is expected to impact the value of the Pound.
Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. Meanwhile, there was no help to the GBP from the UK GDP release on Friday morning. The published data revealed that GDP has increased by 0.1%, as forecast
On Friday, the United States Bureau of Labor Statistics published the country's monthly employment data. Markets reacted to the release by buying the US Dollar and selling off other assets. On the GBP/USD charts it resulted in a decline to levels near 1.2580, before a recovery occurred. This move and the price action before have confirmed the existence of support and
Since Tuesday, US central bankers have made comments that they could cut interest rates. In addition, incoming data for various sectors confirms that the Federal Reserve could reduce rates. Moreover, the head of the Fed Jerome Powell has commented that easing could be done, if inflation continues to ease. Due to this reason, the US Dollar has declined in value. On
The GBP/USD continued to find support in the 1.2590/1.2610 range and resistance near 1.2640/1.2660 during the late part of March. However, on March 30, the US Dollar strengthened and caused a drop of the rate. The drop found support in the 1.2540 level and on April 2 a recovery started. Economic Calendar This week, the financial markets could react to United States
Despite moving below the 1.2590/1.2610 range, the GBP/USD did not extend the decline. Instead, buying started at 1.2580 and the pair managed to recover. By mid-Monday, the rate was approaching the 1.2650 level and the weekly simple pivot point at 1.2659. Economic Calendar This week, the financial markets could react to a couple of United States macroeconomic events. First of all, the
The central bank announcements are over. It is clear that the GBP weakness dominates, as the rate is declining. On Friday, the pair passed below the major zone at 1.2590/1.2610. Meanwhile, we have observed that traders were 54% just after the Bank of England announcement. Then the decline occurred. On Friday, 50% of traders were short and 50% were in long
The United States Federal Reserve announced its Federal Funds Rate. Markets expected the Fed to keep the base interest rate unchanged at 5.50%. The Fed has done exactly that. However, the US Dollar declined on the announcement, as the market participants must have seen this as a relief from possible rate hike. Namely, inflation has shown to be persistent in
The decline of the GBP/UD has reached below the 1.2700 mark. However, it appears that the rate could soon consolidate. Namely, the traders who shorted the drop from 1.2900 to 1.2670 appear to be taking profits, which is causing a surge. Profits are being taken due to the upcoming US and UK central bank rate announcements. Despite market expectations, the two
The last week's surge of the pair ended at the 1.2900 mark. Actually, resistance was found at 1.2885/1.2895. In the aftermath of this event, the rate kept finding support in various levels like the lower trend line of the previously active channel up pattern, the 1.2800 and 1.2750 levels and the 1.2760/1.2775 range. However, the release of the US PPI on
Recent comments made by the head of the US Federal Reserve have weakened the US Dollar. It has resulted in a surge of the GBP/USD that has continued to break one resistance after another. In addition, it has been spotted that the surge has occurred in a channel up pattern. Economic Calendar Top event of the week is scheduled for Friday at
At exactly 15:00 GMT, the US Institute for Supply Management published its Purchasing Managers Index. The markets expected the index to show good conditions in the sector, but the actual data disappointed. Due to this reason the US Dollar sharply declined. On the GBP/USD charts it resulted in a breaking of the 1.2695/1.2710 range and the weekly R1 simple pivot point. Economic
The situation has not changed. In general, the GBP/USD has been trading between the 1.2600 and 1.2700 levels. Meanwhile support and resistance from time to time is found in the 1.2620, 1.2640, 1.2660 and 1.2680 levels. In addition, note the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.2650. On Friday, the pair found support
In general, the GBP/USD has been trading between the 1.2600 and 1.2700 levels. Meanwhile support and resistance from time to time is found in the 1.2620, 1.2640, 1.2660 and 1.2680 levels. In addition, note the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.2650. Economic Calendar During the upcoming week, noteworthy events start on Tuesday at
The GBP/USD rate is heading higher, as it found support at 1.2580 and started to move higher. Economic Calendar This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide more information on how the US Dollar rate setters
The GBP/USD rate appears to be fluctuating near the 1.2600 mark. However, there are strange peculiarities to the pair. It is no longer properly respecting the 1.2590/1.2610 range's support and resistance. Namely, the range was pierced, confirmed as support, but then the support failed and by mid-Monday the rate was observed to be moving downwards through the zone. Economic Calendar This week,
After the release of the US CPI, the pair dropped below the 1.2590/1.2610 range. Afterwards, the range acted as resistance until the lower than expected UK CPI caused another drop. However, since Wednesday, the pair was finding support in the 1.2535/1.2540 zone. During late Thursday's trading hours, the GBP/USD was once again testing the 1.2590/1.2610 range and the 100 and
On Thursday, the GBP/USD moved below the 1.2590/1.2610 range, but no broader decline occurred, as the weekly S1 simple pivot point acted as support at 1.2571. The pivot point forced the pair back up above the 1.2590/1.2610 range. On Friday, the support range held. During the second half of the day, the rate tested the resistance of the 200-hour simple
Since Tuesday, the rate has moved back above the 1.2590/1.2610 range. However, the pair has not properly tested the combined resistance of the 1.2650 and 200-hour simple moving average. Instead, comments made by US central bankers have moved the rate down. On mid-Thursday, the rate was testing the support of the 1.2590/1.2610 range and the 50 and 100-hour simple moving
The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance. On the GBP/USD charts the US
Both the US Federal Reserve and the Bank of England have kept interest rates unchanged. However, for some reason the GBP/USD dropped on the US announcement and then sharply recovered on the UK announcement. The rates were expected to remain unchanged and supposedly the news were priced in. Due to this reason the reason for the fluctuations are unclear. The GBP/USD