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Apr. 19, 2024

Sterling-Dollar bounces 34 pips from 5 months low

Live - Updated 58 minutes ago.

After ending yesterday at 1.2438, today the Pound dropped to its lowest point in 5 months — 1.2387. It later recovered 34 pips and currently trades at 1.2422.

United States Initial Jobless Claims beats expectations of 215,000 with new data release of 212,000, marks no change over previous data of 212,000.

Meanwhile, United States Existing Home Sales (Mar) came out at 4.19 million, while a consensus of analysts was expecting 4.2 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of 15.5, while the previous figure was 3.2.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, the Pound's lower Bollinger Band® is at 1.2369, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the day gets underway, chart analysis suggests the Pound fell below the 1.243 support zone and moved 8 pips beyond it; the next level of support with significant buyer interest is estimated at 1.2429.

Overall, the technical outlook suggests Sterling-Dollar is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other pairs as USD/CHF is down to 0.9079, losing 44 pips, after closing at 0.9123 in the preceding trading session.

Though the British Pound has been dropping, other pairs have been performing better: EUR/AUD is up 0.34%. GBP/NZD moves up 0.26% to trade around 2.1112.

Furthermore, United Kingdom CFTC GBP speculative net positions is scheduled for today at 19:30 UTC. United Kingdom MPC Member Ramsden speech set for today at 14:15 UTC. United Kingdom Retail Sales is projected to outperform its last figure with 0.3%, having previously been at 0%. The figure will be published today at 06:00 UTC. United Kingdom Retail Sales is expected today at 06:00 UTC.

Trading mostly sideways for a month. The Pound is now trading 62.55% below its 3-month high of 1.3134.

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Week to date

Stalemate for the Pound bulls and bears .

As the trading week gets on its way, GBP/USD is up to 1.2422, after closing yesterday at zero. Overall, a 0% move or 12,421 pips this week. (Start trading the Pound at FXTM today).

Nevertheless, highly important GDP data from United Kingdom beat analyst expectations of 0.1% with a reading of 0.1%. United States Initial Jobless Claims beats expectations of 215,000 with new data release of 212,000, marks no change over previous data of 212,000.

Meanwhile, United Kingdom Consumer Price Index released Wednesday with a figure of 3.2%, while the previous figure was 3.4%. United States Existing Home Sales (Mar) came out at 4.19 million, while a consensus of analysts was expecting 4.2 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at 15.5, while a consensus of analysts was expecting 1.5.

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