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
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