GBP/USD (week of 14-18/11)

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Weekly Summary

Sterling-Dollar ends yesterday stable around 1.1896 .

A good end to the trading week, GBP/USD is up to 1.1896, after closing yesterday at zero. Overall, a 0% move or 11,896 pips this week. (Start trading the Pound at FXTM today).

The Pound upside coincides with further encouraging market factors as data for United Kingdom Retail Sales published today at 07:00 UTC came out at 0.6%, beating projections of 0.3% and showing improvement over the preceding figure of -1.5%. Highly important Average Earnings Index +Bonus data from United Kingdom beat analyst expectations of 5.9 with a reading of six.

At the same time, United Kingdom Consumer Price Index came out at 11.1%, while a consensus of analysts was expecting 10.7%. United Kingdom Claimant Count Change (Oct) released Tuesday with a figure of 3,300, while the previous figure was 3,900. United States Existing Home Sales (Oct) came out at 4.43 million, while a consensus of analysts was expecting 4.38 million.

Also worthy of note, United Kingdom Services PMI is expected Wednesday. United Kingdom Composite PMI is expected Wednesday. United Kingdom Manufacturing PMI is expected Wednesday.

Nov. 18, 2022

The Pound retreats 54 pips from 3 months high

(23:03) GMT

Sterling-Dollar rallied to 1.1951, hitting its highest point in 3 months. It later lost 54 pips and is now trading at 1.1896.

The Pound is currently trading at 1.1896 following the release of Existing Home Sales (Oct) data from the United States.

The Pound upside coincides with further encouraging market factors as data for United Kingdom Retail Sales published today at 07:00 UTC came out at 0.6%, beating projections of 0.3% and showing improvement over the preceding figure of -1.5%.

Meanwhile, United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -39,700, while the previous figure was -39,700. United States Existing Home Sales (Oct) came out at 4.43 million, while a consensus of analysts was expecting 4.38 million.

Despite posting gains so far today, GBP/USD slid below its 3 day Simple Moving Average at 1.1879 in earlier trade — an early indicator that a negative trend could be emerging.

Examining the technical analysis landscape, the Pound is likely to reverse course and start pointing downward in the short term.

Elsewhere, other currency pairs are also gaining ground as having closed the previous session at 1.5811, GBP/CAD is up 0.63% today to currently trade at around 1.5911.

While the Pound is up today, these currencies are lagging behind: EUR/NZD is down to 1.6777, losing 130 pips, after closing at 1.6908 in the preceding trading session. EUR/GBP goes down 0.55% to trade around 0.8685.

Having set a significant low of 1.0181 a month ago, the Pound is trading 16.56% higher.

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