Community Forecasts November 23-27: GBP/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA

During the November 9-13 working week, the Cable was moving rather positive, as calm depreciation at the beginning of the week was changed by a considerable advance on Wednesday, when UK jobs report announcement pushed the Dollar to the upside in all its crosses. The latest UK jobs report showed that the unemployment rate ticked down to the lowest level since 2008 while the rate of wage growth slowed. According to the Office for National Statistics, the unemployment rate fell to 5.3% in the three months to September, while economists had expected the jobless rate to remain unchanged at 5.4%. Meanwhile, the Greenback in turn, held steady, remaining within close distance of a seven-month peak amid growing expectations for a US rate hike before the end of the year.

Meanwhile, the sentiment for the Cable divided equally during past seven days. The median expectation for Friday of this week is placed around the 1.510 level. Trader Panzer believes that the Pound after a sharp fall will manage to make a correction or recovery, while Likerty claimed "Fallowing general USD strengthens the Pound should fall too, but not too much, probably. Its a complicated territory which could end up as a choppy range."

Among this week's news, the UK is to is to release data on retail sales, as well as data on public sector borrowing, by the end of the week. The United States, in turn, is going to publish the weekly report on initial jobless claims and data on manufacturing activity.


© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.