GBP/USD continues to buy at the 0.786 Fibonacci level
Hello dear friends, let's explore GBP after yesterday's big fluctuations!
Regarding the developments and results of the news on November 1:
GBP/USD is trading above the 1.2650 level early on Thursday, finding support from the broadly depressed US Dollar. Mixed US data, dovish Fed commentary and upbeat market mood continue to act as a drag on the US Dollar ahead of various statistics and Fedspeak.
Meanwhile, the latest Bank of England (BoE) Decision Making Panel (DMP) Survey for February showed on Thursday that UK firms expect their sales price and wage inflation to cool down next year.
Conclusion about GBP and trend:
Sterling was unfazed by UK corporates' falling inflation expectations, fueling positive intraday sentiment for GBP/USD, which saw it add 0.08% on the day to trade at 1, 2658, as of the time of writing.
The "buy the dip" trading strategy for GBPUSD continues as long as support at 1.2600 holds. Fibonacci also points to a retracement of the GBP price at 0.786. The uptrend could become even stronger if it receives strong buying pressure from this support level.
Regarding the developments and results of the news on November 1:
GBP/USD is trading above the 1.2650 level early on Thursday, finding support from the broadly depressed US Dollar. Mixed US data, dovish Fed commentary and upbeat market mood continue to act as a drag on the US Dollar ahead of various statistics and Fedspeak.
Meanwhile, the latest Bank of England (BoE) Decision Making Panel (DMP) Survey for February showed on Thursday that UK firms expect their sales price and wage inflation to cool down next year.
Conclusion about GBP and trend:
Sterling was unfazed by UK corporates' falling inflation expectations, fueling positive intraday sentiment for GBP/USD, which saw it add 0.08% on the day to trade at 1, 2658, as of the time of writing.
The "buy the dip" trading strategy for GBPUSD continues as long as support at 1.2600 holds. Fibonacci also points to a retracement of the GBP price at 0.786. The uptrend could become even stronger if it receives strong buying pressure from this support level.
Trade active
Comment:
As expected, GBPUSD reversed course to stay within the channel with today's trading hovering around 1.2625, marking a slight decline of 0.13% on the day.
Comment:
