GBPUSD analysis. The prospect of price increases faces difficult
Following strong downward pressure on GBP/USD as the UK's Office for National Statistics (ONS) said the UK labor market weakened significantly in March. UK labor market data suggests that uncertainty about the economic outlook will likely force BoE policymakers to start cutting interest rates sooner than previously expected.
At the end of the week GBP/USD recovered to 1.2450 following UK Retail Sales data. GBP/USD reversed direction and advanced to the 1.2450 area after hitting a new multi-month low below 1.2400. The positive change seen in the risk mood in easing fears of a deepening Iran-Israel conflict supported the pair. By the end of the day, the downward pressure on prices increased, causing the pair trading around 1.2370 to break the trendline and support levels. The pair is heading for a record low of the year.
The two EMAs are still supporting the price decline. The current support level of the pair is only around 1.2330 and 1.2250, which are the 1.0 and 1.618 fibonacci zones, respectively. The recovery may not be significant if GBPUSD continues to be devalued by delayed interest rate reduction decisions. On the contrary, if the purchasing power of the currency pair increases to the rectangular border of the chart, it will continue to maintain the sideway trend within the border and it will be difficult to find the resistance level of 1.2530 next week.
Support: 1,234 1,225
Resistance: 1,241 1,249
At the end of the week GBP/USD recovered to 1.2450 following UK Retail Sales data. GBP/USD reversed direction and advanced to the 1.2450 area after hitting a new multi-month low below 1.2400. The positive change seen in the risk mood in easing fears of a deepening Iran-Israel conflict supported the pair. By the end of the day, the downward pressure on prices increased, causing the pair trading around 1.2370 to break the trendline and support levels. The pair is heading for a record low of the year.
The two EMAs are still supporting the price decline. The current support level of the pair is only around 1.2330 and 1.2250, which are the 1.0 and 1.618 fibonacci zones, respectively. The recovery may not be significant if GBPUSD continues to be devalued by delayed interest rate reduction decisions. On the contrary, if the purchasing power of the currency pair increases to the rectangular border of the chart, it will continue to maintain the sideway trend within the border and it will be difficult to find the resistance level of 1.2530 next week.
Support: 1,234 1,225
Resistance: 1,241 1,249
Trade active
Comment:
GBPUSD has broken the support level and is ready for a DOWtrend
Comment:
Trade active
Comment:
GBP/USD snaps the two-day winning streak above 1.2450, eyes on US GDP data
The GBP/USD pair snaps the two-day winning streak near 1.2460 amid the modest rebound of the US Dollar on Thursday during the early Asian session. The release of the US Gross Domestic Product for the first quarter will take center stage on the day.
The GBP/USD pair snaps the two-day winning streak near 1.2460 amid the modest rebound of the US Dollar on Thursday during the early Asian session. The release of the US Gross Domestic Product for the first quarter will take center stage on the day.
Trade active:
gbpusd has begun to recover
Comment:
Resistance at 1,253 helped reduce Gbpusd's gains
Comment:
exactly as analyzed GBPUSD has reversed to an uptrend
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GBP/USD attracts some dip-buyers on Monday amid a softer USD, though lacks follow-through. Easing geopolitical tensions boosts investors’ confidence and undermines the safe-haven buck. Reduced Fed rate cut bets should help limit the USD losses and cap any further gains for the pair.