GBPUSD analysis July 22 - July 27
تم تحديثه
🌐Fundamental analysis
The British Pound (GBP) extended its correction compared to most other currency pairs. The British currency continues to slide as the UK Office for National Statistics (ONS) reports weaker-than-expected June Retail Sales data.
BoE officials are hesitant to back a move to normalize policy as the US Core Consumer Price Index (CPI) remains stubborn amid persistent inflation in the services sector.
Meanwhile, an expected deceleration in Average Earnings data for the three months ended May, a key measure of wage growth that drives services inflation, failed to lift expectations. about the BoE cutting interest rates in August because the current pace is still higher than needed to maintain stability to contain price pressures.
🕯Technical analysis
The British Pound corrected sharply to near 1.2920 against the US Dollar. GBP/USD weakened as gains stalled after hitting a new yearly high of 1.3044 on Wednesday.
The upward sloping moving average (EMA) near 1.2800 suggests that the uptrend remains intact. The 14-day relative strength index (RSI) fell after turning slightly overbought and is expected to find a cushion near 60.00.
On the positive side, the two-year high near 1.3140 will be the main resistance area for GBPUSD. Last week's peak around 1,304 could also halt the pair's surge and create a double top pattern for the pair to become more stable. On the other hand, the 1.285 and 1.277 support levels become the two main support zones keeping GBPUSD in the rising price channel. If there is a sell-off that pushes the pair beyond the price channel, it could extend the price slide to the 1,262 area, the lowest bottom in two weeks.
Resistance: 1,304-1,314-1,330
Support: 1.285-1.277-1.262
SELL GBPUSD 1.314-1.316 Stoploss 1.317
BUY GBPUSD 1,280-1,278 Stoploss 1,276
The British Pound (GBP) extended its correction compared to most other currency pairs. The British currency continues to slide as the UK Office for National Statistics (ONS) reports weaker-than-expected June Retail Sales data.
BoE officials are hesitant to back a move to normalize policy as the US Core Consumer Price Index (CPI) remains stubborn amid persistent inflation in the services sector.
Meanwhile, an expected deceleration in Average Earnings data for the three months ended May, a key measure of wage growth that drives services inflation, failed to lift expectations. about the BoE cutting interest rates in August because the current pace is still higher than needed to maintain stability to contain price pressures.
🕯Technical analysis
The British Pound corrected sharply to near 1.2920 against the US Dollar. GBP/USD weakened as gains stalled after hitting a new yearly high of 1.3044 on Wednesday.
The upward sloping moving average (EMA) near 1.2800 suggests that the uptrend remains intact. The 14-day relative strength index (RSI) fell after turning slightly overbought and is expected to find a cushion near 60.00.
On the positive side, the two-year high near 1.3140 will be the main resistance area for GBPUSD. Last week's peak around 1,304 could also halt the pair's surge and create a double top pattern for the pair to become more stable. On the other hand, the 1.285 and 1.277 support levels become the two main support zones keeping GBPUSD in the rising price channel. If there is a sell-off that pushes the pair beyond the price channel, it could extend the price slide to the 1,262 area, the lowest bottom in two weeks.
Resistance: 1,304-1,314-1,330
Support: 1.285-1.277-1.262
SELL GBPUSD 1.314-1.316 Stoploss 1.317
BUY GBPUSD 1,280-1,278 Stoploss 1,276
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ملاحظة
GBP/USD kicks off the new week on a positive note amid the emergence of some USD selling.September Fed rate cut bets, along with the US political development, weigh on the Greenback.
Diminishing odds for an August rate cut by BoE support prospects for further gains for the GBP.
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ملاحظة
Wishing you a successful trading day. I will updateملاحظة
GBP/USD trades above 1.2900 down 0.13%, approaching key support at 1.2860.Bearish momentum observed as RSI slope turns downward, indicating potential further declines.
Key support levels: 1.2860 (June 12 high) and 1.2779 (July 10 low), with further downside toward the 100-DMA at 1.2678.
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ملاحظة
GBP/USD recovers above 1.2900 as USD struggles to gather strengthGBP/USD trades modestly higher on the day above 1.2900 on Wednesday. The US Dollar struggles to build on Tuesday's gains following the mixed PMI data for July, allowing the pair to stay in positive territory in the second half of the day.
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