GBP/USD Live News

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GBP/USD

Dec. 1, 2023

Bullish currency pair the Pound runs out of steam at 1.2716; currently at 1.2714

(23:03) GMT

Tentatively higher from an earlier low of 1.2613, Sterling-Dollar is up to 1.2714 today, adding 86 pips, or 0.68%, to yesterday's closing price of 1.2628.

At the same time, United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -7,900, while the previous figure was -26,100. United States ISM Manufacturing Prices (Nov) came out at 49.9, while a consensus of analysts was expecting 46.2. United States ISM Manufacturing PMI (Nov) came out at 46.7.

As the trading day comes to an end, chart analysis indicates GBP/USD could be slowing down soon as it approaches resistance at 1.2739. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that the Pound made an initial breakout above its 5 day Simple Moving Average at 1.2645, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 1.2812, thereby suggesting that Sterling-Dollar is becoming overvalued.

With market volatility ebbing, the current technical outlook indicates the Pound will remain range-bound for the immediate future.

At the same time, EUR/NZD closed at 1.7525 (down 0.91%). EUR/AUD closed at 1.63 (down 1.1%). USD/JPY is down 134 pips from the beginning of the session and now trades around 146.81.

This year has been a bright one for Sterling-Dollar after trading as low as 1.183 and going on to appreciate by 125.29% year to date.

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Week to date

Sterling-Dollar drifts up to 1.2714 (a 0% gain) after closing the previous session at zero .

A good end to the trading week, GBP/USD is up to 1.2714, after closing yesterday at zero. Overall, a 0% move or 12,713 pips this week. (Start trading Sterling-Dollar at FXTM today).

Meanwhile, United States ISM Manufacturing Prices (Nov) released today at 15:00 UTC with a figure of 49.9, while the previous figure was 45.1. United States ISM Manufacturing PMI (Nov) came out at 46.7, while a consensus of analysts was expecting 47.6. United Kingdom Manufacturing PMI released today at 09:30 UTC with a figure of 47.2, while the previous figure was 44.8. United Kingdom Nationwide HPI (MoM) (Nov) came out at 0.2. United Kingdom Nationwide HPI (YoY) (Nov) released today at 07:00 UTC with a figure of -2, while the previous figure was -3.3.

Also worthy of note, United Kingdom Composite PMI is expected Tuesday. United Kingdom Services PMI figure is projected at 50.5. It previously stood at 49.5; data will be released Tuesday. United Kingdom CFTC GBP speculative net positions is scheduled for Monday.

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