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HomeForex EducationEvery day Foreign exchange Information and Watchlist: GBP/USD

Every day Foreign exchange Information and Watchlist: GBP/USD

The calendar is fairly gentle on financial releases however that doesn’t imply we shouldn’t check out the main greenback pairs!

At present I’m taking a look at GBP/USD’s potential short-term upside breakout.

Earlier than shifting on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Test them out earlier than you place your first trades right this moment!

And now for the headlines that rocked the markets within the final trading sessions:

Contemporary Market Headlines & Financial Information:

Oil costs drop amid China COVID curbs, potential price hikes

NZ vacationer arrivals exceed 100,000 in July

Greenback falls on hawkish ECB, CPI knowledge eyed

China experiences 1,094 new COVID instances for Sept 11 vs 1,303 day earlier

UK July GDP up by 0.2% vs. 0.3% anticipated, -0.6% in June

UK’s industrial manufacturing dips by 0.3% vs. 0.4% anticipated, -0.9% in June

UK manufacturing manufacturing improves by 0.1% vs. 0.3% anticipated, -1.6% earlier

Italy’s industrial manufacturing at 8:00 am GMT
Japan’s BSI manufacturing index at 11:50 pm GMT
AU NAB enterprise confidence at 1:30 am GMT (Sept 13)

Use our new Currency Heat Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: GBP/USD

GBP/USD 1-hour Forex Chart

GBP/USD 1-hour Foreign exchange Chart

After being in a downtrend for weeks, GBP/USD has lastly damaged above a pattern line resistance within the 1-hour timeframe.

What makes the setup extra attention-grabbing right this moment is that the journey above the 1.1600 psychological deal with additionally implies that GBP/USD is now buying and selling above the 100 and 200 SMAs on the chart.

Is Cable about to see a short-term reversal?

The financial calendar is fairly gentle on knowledge releases, so total threat sentiment will seemingly play an enormous half in shifting the majors within the subsequent buying and selling periods.

Look out for the 100 SMA crossing above the 200 SMA, which might deliver extra bulls to GBP’s yard.

In fact, if merchants give attention to Uncle Sam’s CPI release later this week and the prospect of the Fed sustaining its hawkish course, then USD might return to its uptrend towards its main counterparts.

In case of elevated greenback demand, GBP/USD might drop again under its pattern line resistance and revisit its September lows under 1.1500.

Watch this one carefully, yo!

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