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
The GBP/USD has continued to be drawn to the 1.2700 mark as a magnet. It has been bouncing around this level since mid-December. Most recently, it was observed that potential surges or drops of the rate are stopped near round exchange rate levels. This week, the rate has been bouncing between the 1.2660 and 1.2720 levels, as it is waiting. The
The GBP/USD has continued to be drawn to the 1.2700 mark as a magnet. It has been bouncing around this level since mid-December. Most recently, it was observed that potential surges or drops of the rate are stopped near round exchange rate levels. Economic Calendar This week, the financial markets could be moved by fundamental data releases starting from Tuesday. On that
Throughout the past week, the financial markets have been reacting to United States fundamental data releases. In general, Consumer and Producer price indices and Retail Sales data have revealed that prices are going higher and the consumers don't care and just keep buying. Namely, the US Federal Reserve is not likely to cut interest rates, as the markets suddenly assumed
The volatility of the US CPI release limited the GBP/USD rate to the 1.2700/1.2780 range. Namely, support is at 1.2700 where the round price level acts as support together with the 200-hour simple moving average. Resistance is provided by the 1.2780/1.2795 range. Economic Calendar On Friday, at 13:30 GMT, inflation at the producer level will be revealed, as the US Producer Price
In general, the GBP/USD is waiting for fundamental data. The US Consumer Price Index release will set the market course on Thursday at 13:30 GMT. However, note close by technical levels. Economic Calendar This week, the top event is scheduled for Thursday. At 13:30 GMT, the United States Consumer Price Index is set to be published. This data set reveals how prices
The Friday's volatility ended with the pair finding resistance in the 1.2760 level and support in the 100-hour simple moving average. On Tuesday, additional support was provided by the combination of the 50 and 200-simple moving averages near the weekly simple pivot point at 1.2718. Economic Calendar This week, the top event is scheduled for Thursday. At 13:30 GMT, the United States
In general, fundamentals keep making an impact on the markets. It was revealed eventually to the world that the Fed might not cut rates until the end of 2024, which strengthened the US Dollar. Moreover, the release of US Employment data on Friday at 13:30 GMT caused volatility. On the GBP/USD charts it resulted in the rate retracing to the support
The publication of the US Federal Reserve Meeting Minutes has reminded the world that the Fed is debating a reduction of interest rates and a stop to the reduction of the central bank's balance sheet. The reminder caused a decline of the US Dollar's value. In combination with the strong support of the 1.2590/1.2610 range, the fundamental event caused a surge
The decline of the GBP/USD currency exchange rate has reached the support of the 1.2590/1.2610 zone. Economic Calendar At the start of 2024, notable events start on Wednesday. At 15:00 GMT, watch the Institute for Supply Management Manufacturing Purchasing Managers Index survey results and the JOLTS Job Openings number. Note that the two releases could cause a major impact, if both shows
At the end of the year US firms book losses on assets to reduce their annual profit and taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting the USD value. The GBP/USD
The GBP/USD eventually passed above the 1.2780/1.2795 range, the 1.2800 mark and the weekly R1 simple pivot point at 1.2812. Moreover, the rate had shortly traded above the August high level of 1.2819. However, the pair appears to have overextended its move, as on Thursday morning it retraced to the 1.2780/1.2795 range where it was looking for support. Economic Calendar There are
It has been spotted that since late Friday's trading, the GBP/USD currency pair has been finding support in the 50 and 100-hour simple moving averages. Meanwhile, on Wednesday the 200-hour SMA caught up to the pair from below. Economic Calendar There are no notable events scheduled for the holiday week. GBP/USD hourly chart analysis In the case of the moving averages pushing the rate
The 1.2750 level held and caused a decline of the Pound. Moreover, the decline was massively impacted by the lower than expected UK Consumer Price Index release. Namely, markets expected annual inflation to be down from 4.6% to 4.3%, but the actual number was 3.9%. The major decline of inflation signals that the central bankers of the United Kingdom could
Unexpectedly to our analysts, the GBP/USD found support in the 1.2630 level. The pair did not even approach the 1.2590/1.2610 range. The event is attributed to the major strength that the range showed during the first half of December. The following recovery eventually reached the 1.2750 mark that acted as resistance and by the end of Tuesday's trading a decline had
The GBP/USD declined on Friday and the move extended on Monday. It has been observed that resistance is found in the 1.2700 mark. Support is provided by the weekly simple pivot point at 1.2656, the 1.2650 level and the 100-hour simple moving average close below these levels.Our traders were 61% since Friday. It is assumed that most have their positions
On Thursday, at 12:00 GMT, the United Kingdom's central bank announced the Official Bank Rate and released the Monetary Policy Summary. As forecast by the market consensus, the bank kept the rate at 5.25%. In the meantime, the Monetary Policy Committee was expected to vote with two members voting for an increase and seven for keeping the rate intact. However,
The GBP/USD surged due to the Fed rate comments. The pair moved above the 1.2590/1.2610 range and confirmed it as support two times by mid-Thursday. Meanwhile, the Bank of England was set to release its rate, which was set to remain unchanged. Due to this reason, forecasts are made pre-event. Economic Calendar After the US reveal their policy, the rest of the