GBP/USD (week of 16-20/01)

Advertiser Disclaimer

Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Home

Live News

GBP/USD

Weekly Summary

After ending yesterday at 1.24, the Pound improves slightly to 1.24 (up 12,400 pips) .

A good end to the trading week, GBP/USD is up to 1.24, after closing yesterday at zero. Overall, a 0% move or 12,400 pips this week. (Trade Sterling-Dollar with FXTM now).

This move comes while some more positive signs for the British Pound are out as data for United Kingdom Average Earnings Index +Bonus published Tuesday came out at 6.4, beating projections of 6.2 and showing improvement over the preceding figure of 6.2.

Meanwhile, United Kingdom Consumer Price Index released Wednesday with a figure of 10.5%, while the previous figure was 10.7%. United Kingdom Claimant Count Change (Dec) came out at 19,700, while a consensus of analysts was expecting 19,800. United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -24,700, while the previous figure was -29,500. United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million.

Elsewhere, United Kingdom Composite PMI is expected Tuesday. United Kingdom Manufacturing PMI is expected Tuesday. United Kingdom PPI Input (MoM) (Dec) scheduled to come out Wednesday.

Jan. 20, 2023

A slow down? After four days of going up, Sterling-Dollar is flat today, hovering around 1.24.

(23:03) GMT

The Pound goes up to 1.24 after dipping down to 1.2337 earlier.

On the flip side, highly important Retail Sales data from United Kingdom beat analyst expectations of 0.5% with a reading of -1%.

At the same time, United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -24,700, while the previous figure was -29,500. United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million.

Despite posting gains so far today, GBP/USD slid below its 3 day Simple Moving Average at 1.2339 in earlier trade — an early indicator that a negative trend could be emerging. A "hanging man” chart pattern. When appearing at the top of a bullish trend, it is typically considered to be an indication of a trend reversal. The British Pound's upper Bollinger Band® is at 1.2446, this is a slight indication of a slowdown. The British Pound price action is currently oscillating around the 1.24 resistance level with prices moving above and below several times during the session. On the other hand, note that price action remains constrained around the key Fibonacci level of 1.24 currently serving as resistance

Technical analysis suggests there could be an imminent reversal for Sterling-Dollar.

Elsewhere, other currency pairs are also gaining ground as EUR/JPY gained 1.15% and is now trading at 140.67.

While Sterling-Dollar is up today, these currencies are lagging behind: GBP/NZD is trading around 1.915 (down 212 pips). EUR/NZD is down 162 pips from the beginning of the session and now trades around 1.6768.

The British Pound is now trading 21.71% away from its significant low of 1.0181 first tested 3 months ago.

trade on the GBP/USD

Previous
Weekly Analysis Next
Weekly Analysis