GBP/USD Weekly Analysis (week of 09-13/11)

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Weekly Summary

The pound green move takes place amid mixed market indicators - United Kingdom Manufacturing Production published on Thursday at 7:00 AM came out at 0.2, falling short of the projections and continuing its decline from the previous 0.9 figure.

A look at other markets shows behavior that usually indicates a green move for the British Pound, as the Pound/Yen gained 0.17% (23 pips), reaching 138.1 levels. USD/SGD drops to 1.3473 (17 pips). The Kiwi is trading around 0.6849 after starting the session at 0.6833 (up 0.23%).

In the meantime, Euro/Pound is down 31 pips from the beginning of the session and now trading around 0.8997. The Canadian dollar is trading around 1.3134.

Nov. 13, 2020

Pound moves up to 1.3193 up 75 pips

(22:03) GMT

Hesitant but green: from an earlier low of 1.311, GBP/USD is up to 1.3193, gaining 75 pips compared to 1.3117 at the start of the day (0.58%).

The uptick comes while some more positive signs for the pound/dollar are out. As released on Thursday 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.

Meanwhile, United Kingdom Manufacturing Production published on Thursday at 7:00 AM came out at 0.2, falling short of the projections and continuing its decline from the previous 0.9 figure. The United Kingdom's GDP fell short of the 1.5 projections, at 1.1 and continued its downward trajectory from the previous figure of 2.1.

A look at other markets shows behavior that usually indicates a green move for the pound/dollar as the Pound/Yen is up 0.17% (23 pips) to 138.1 levels. USD/SGD went down to 1.3473 (17 pips).

At 1.3191, British Pound made an initial breakout above the 5 day Simple Moving Average. The Pound/Dollar is climbing away and is now 293 pips from the 1.2905 support line.

Nov. 12, 2020

Pound/Dollar made its largest single-day drop (97 pips) since Oct. 15

(22:03) GMT

Starting at 1.3223 GBP/USD trading at 1.3125 after making its biggest single-day drop (97 pips) since Oct. 15

This downslide might be related to financial indicators data published earlier as United Kingdom Manufacturing Production fell short of the projections, at 0.2 and continued its downward trajectory from the previous figure of 0.9. The United Kingdom's GDP fell short of the 1.5 projections, at 1.1 and continued its downward trajectory from the previous figure of 2.1.

On the flip side, released today at 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.

The nearest support level is at 1.2876.

Taking a wider perspective, performance of these other symbols usually suggests a setback for pounds, as the pound/yen dropped -1.05% (146 pips) to 137.94. The Canadian Dollar is trading around 1.3142 after starting the session at 1.3059 (down 0.64%). The New-Zealand Dollar dropped -0.53% (36 pips) to 0.6847.

At the same time, Euro/Pound is trading around 0.8991 after starting the session at 0.8905 (up 0.96%).

The market will be looking forward to the upcoming release of the following indicators: United Kingdom BoE Gov Bailey's speech will be released tomorrow at 4:00 PM. United Kingdom MPC Member Tenreyro's speech is scheduled for tomorrow at 2:00 PM. United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 8:30 PM. The United States Producer Price Index looks to be getting worse with an expected 0.2 while the preceding figure was 0.4, New data will be out tomorrow at 1:30 PM.

Nov. 11, 2020

Pound/Dollar goes back up to Sep. 2 levels, reaching 1.3296

(22:03) GMT

After starting the day at 1.3269, GBP/USD rallied to 1.3296, hitting its highest point in 2 months, It later lost 80 pips and is now trading at 1.3215

On the flip side, United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. Data for United Kingdom Average Earnings Index +Bonus released on Tuesday at 7:00 AM came out at 1.3, beating projections of one and showing improvement over the preceding figure of 0.1.

Meanwhile, United Kingdom Employment Change 3M/3M (MoM) (Sep) fell short of the -148 projections, at -164 and continued its downward trajectory from the previous figure of -153.

The British Pound's nearest support level is at 1.3065, followed by 1.2905 at the next level.

Taking a wider perspective, performance of these other symbols usually suggests a setback for Sterling, as the Pound/Yen lost 37 pips from the start of the session, trading at 139.28 levels. The Canadian Dollar is trading around 1.3057 (up 29 pips).

Positive performance can be seen looking at other symbols as the Kiwi is trading around 0.6884 after starting the session at 0.6832 (up 0.76%).

At the same time, USD/SGD is trading around 1.349.

The market will keep its eye on the following upcoming macroeconomics indicators: United Kingdom Manufacturing Production is projected to outperform last figure by one while it previously stood at 0.7, data will be released tomorrow at 7:00 AM. The United Kingdom's GDP is expected tomorrow at 7:00 AM. United Kingdom Monthly GDP 3M/3M Change is scheduled for tomorrow at 7:00 AM. United Kingdom BoE Gov Bailey's speech is expected tomorrow at 8:00 AM.

Nov. 10, 2020

Sterling goes back up to Sep. 4 levels, reaching 1.3278

(22:03) GMT

Starting the session at 1.3158, GBP/USD rallied above 1.3278 for the first time in 2 months, gaining 110 pips, and is now trading at 1.327.

This move comes while some more positive signs for the pound are out as the United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. Data for United Kingdom Average Earnings Index +Bonus released today at 7:00 AM came out at 1.3, beating projections of one and showing improvement over the preceding figure of 0.1.

Meanwhile, United Kingdom Employment Change 3M/3M (MoM) (Sep) fell short of the -148 projections, at -164 and continued its downward trajectory from the previous figure of -153.

The Pound/Dollar nearest support level is at 1.3065.

A look at other markets shows behavior that usually indicates a green move for the pound, as the Pound/Yen gained 0.71% from 138.53 to 139.52 (98 pips). The New-Zealand Dollar went up from 0.6817 to 0.6833 (0.25%, 16 pips).

At the same time, Canadian Dollar is trading around 1.3024 after starting the session at 1.3004 (down 0.16%).

In the meantime, Euro/Pound is trading around 0.8904 after starting the session at 0.8977 (down 73 pips).

The market is looking forward to United Kingdom Trade Balance Non-EU is scheduled for tomorrow at 7:00 AM. The United Kingdom NIESR GDP Estimate is scheduled to come out tomorrow at 2:00 PM. The United States OPEC Monthly Report is expected tomorrow at 11:00 AM. The United States Seevol Cushing Storage Report is excepted tomorrow at 2:30 PM.

Nov. 9, 2020

Pound hits 1.3205, highest rate in 2 months

(22:03) GMT

After starting the day at 1.315, GBP/USD rallied to 1.3205, hitting its highest point in 2 months, It later lost 39 pips and is now trading at 1.3166

Sterling's nearest support level is at 1.3065.

A look at other markets shows behavior that usually indicates a green move for the pound/dollar as Pound/Yen is trading around 138.64 after starting the session at 135.9 (up 2.02%). The New-Zealand Dollar is up 0.68% (45 pips) to 0.6821 levels. The Canadian Dollar went down to 1.3005 (54 pips).

In the meantime, Euro/Pound is trading around 0.897 after starting the session at 0.903 (down 59 pips).

The market is looking forward to United Kingdom Claimant Count Change (Oct) projected to outperform last figure with 78.8 while it previously stood at 28, data will be released tomorrow at 7:00 AM. United Kingdom Employment Change 3M/3M (MoM) (Sep) projected to outperform last figure at -135 while it previously stood at -153, data will be released tomorrow at 7:00 AM. The United Kingdom Unemployment Rate is projected to come out at 4.8 – worse than previous data of 4.5, Data will be released tomorrow at 7:00 AM. The United Kingdom RICS House Price Balance will be released today at 11:01 PM.