- The Bank of England (BOE) decided to deliver its #inflation medicine in a bigger dose at their recent monetary policy committee meeting. The bank made the shock decision to raise borrowing costs a half percentage point, taking the official rate to 5% ; double the size of the increase anticipated by most economists. BoE hiking interest rates to 5% , it adds...
Preferred direction: BUY Comment: After the Fed meeting , the pound, like most majors, strengthened its position and in the near future, this trend is likely to continue. Of course, surprises from the Bank of England today cannot be ruled out, so the focus on the British currency today is the greatest. It is unlikely that the regulator will suddenly lower...
Bank of England release today. No change is forecast, but technically, I would expect liquidity grabs back down to monthly fibonacci support #1 before or during the news release. This trend is still strong going up. I anticipate this pair breaking June 2015 high.
Hi Traders! A symmetrical triangle has formed on the GBPUSD 1D chart, and we could have a breakout soon as pressure is quickly mounting on the pound. Here are the details: The market has found support and resistance at both the trendline support and trendline resistance of the triangle, as the market is looking for a direction. Looking at the price action, it...
Greetings Traders, As we delve into the intricacies of GBPUSD for potential trading opportunities, the convergence of fundamental factors takes center stage. This analysis encapsulates the interplay between interest rates, Consumer Price Index (CPI) data, and central bank decisions for both the Bank of England (BoE) and the Federal Reserve. Examining the BoE's...
The Bank of England (BoE) maintained a hawkish stance, keeping rates on hold at 5.25%, with votes kept at 3-0-6. With UK CPI reported at 4.6% in October 2023, the BoE views a longer-term fight to bring inflation back to its target range. The GBP gained strongly against the USD, with more upside potential as the BoE pushed back against the possibility of rate...
Hi Traders! GBPUSD looks to be on a pullback after breaking and closing above the previous resistance, and there are opportunities for short entries to take advantage of the potential pullback to target levels near the previous resistance break. Price Action 📊 After the initial break and close above the previous resistance at 1.24286, the market rallied to find...
It has been a big week of central bank policy announcements. While central banks in the US, UK, Switzerland, and Japan left key policy rates unchanged, the trajectory ahead remains vastly different. These central bank announcements were accompanied by a significant upward breakout in bond yields. Interestingly most of the increase in yields has been driven by...
Bullish EUR/AUD on Dovish RBA Monetary Policy Reunion The Reserve Bank of Australia (RBA) held its latest monetary policy meeting on October 3, 2023, and decided to keep the official cash rate (OCR) at 4.10%. This was widely seen as a dovish move, as markets had been expecting a 25 basis point rate hike. The RBA's decision was likely influenced by a number of...
The inflation battle is far from over in the UK. In fact, the nature of inflation is taking a new form as the root cause moves away from external to more domestically driven shocks. While the headline rate remained unchanged at 8.7%yoy in May, core inflation accelerated to 7.1% in May from 6.8% in April, marking the highest rate since March of 19922. In response...
Investors Await Central Bank Actions Amid Global Economic Concerns and Uncertainties Prevail Today events: USA - Building Permits (May) USA - FOMC Member Bullard Speaks USA - Housing Starts (MoM) (May) USA - FOMC Member Williams Speaks Eurozone - ECB McCaul Speaks Eurozone - ECB's De Guindos Speaks On the evening of Monday, following a public holiday, there...
The British pound continues to rally and is up for a fourth straight day. BoE member Mann said on Wednesday that the Bank of England will have a difficult time setting monetary policy due to inflation. The US releases the Core PCE Price Index, a key inflation measure, on Friday. In the European session, GBP/USD is trading at 1.2346, up 0.23%. The pound is poised...
– Previous Daily candle closed Bullish at 161.540 forming new Daily Support at 159.800 as price forms fakeout on the Daily timeframe closing back within the consolidation zone. – Buys on close above 161.770 targeting 30min previous Support formed on 22nd March 2023 at 162.240, Leaving Runners to the next 30min previous Support formed on 22 March 2023 at 162.600. –...
– Previous Weekly candle closed Bearish at 159.800, Friday Daily candle also closed Bearish as it broke below recent Daily Support formed on Monday 20th March 2023. – Buys on close above 160.030 targeting 1h previous Support formed on 23rd March 2023 at 160.390, Leaving Runners to the 1h Resistance formed at 160.770. – Sells on close below 159.270 targeting 4h...
– Previous Daily candle close Bearish at 161.100 back in the range forming new Daily Resistance at 161.800. – Buys on close above 161.360 targeting Daily Resistance at 161.810, Leaving Runners to the 1h Resistance at 162.310. – Sells on close below 160.800 targeting 1h Support at 160.290, Leaving Runners to the 4h Support at 159.850. – High Impact News ahead for...
The British pound has reversed directions after an impressive rally that saw GBP/USD climb 370 points. In the European session, GBP/USD is trading at 1.2154, down 0.24%. The collapse of the Silicon Valley Bank (SVB) on Friday sent the financial markets into turmoil on Monday. US bank stocks declined sharply, while safe-haven gold powered higher. The US dollar...
GBPUSD We do have BOE..We are currently stuck within range of H: 1.24435 L: 1.22610. It's a break to either direction if we break the lows then I do expect 1.21440 areas. A break above the highs of range I expect 1.26350. It's a wait and see with GBP but I feel most of the time these are the best set ups a break out checking if its a clean close etc. Based on...
The British pound has posted slight gains on Tuesday. In the European session, GBP/USD is trading at 1.2302, down 0.60%. UK debt costs soared in December, sending the budget deficit to a record 27.4 billion pounds. This was sharply higher than the November reading of 18.8 billion pounds and the consensus of 17.3 billion pounds. The drivers behind the sharp upturn...