GBP/USD Crossing Swords with Technical Confluence!
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- April 22, 2024
Last week, the price of WTI oil settled considerably off its best levels, consequently delivering a Japanese shooting star candlestick formation on the weekly chart (bearish). Despite bottoming in late 2023 and printing a series of higher highs and higher lows on the daily timeframe, daily technical resistance also made a show last week. The
READ MOREA Correction Was Inevitable at Some Point Against the US dollar (USD), the price of Bitcoin (BTC) has been on a tear in recent weeks, refreshing all-time highs of $73,845. The recent correction, however, has some traders questioning how low the market can drop. Based on the current uptrend, in place since bottoming at $15,581
READ MORE8-1 Vote in Favour of Bank Rate Hold Following the Fed holding its Fed funds target rate at 5.25%-5.50%, and the Swiss National Bank (SNB) surprising markets this morning and cutting its overnight Policy Rate by 25bps, the Bank of England (BoE) followed the Fed and left the Bank Rate on hold at 5.25% (a
READ MOREIt was all about the FOMC yesterday. In a unanimous decision, the Fed held the benchmark lending rate at 5.25%-5.50% for a fifth consecutive meeting (this is the highest rate in more than two decades), as widely expected. The majority of Fed officials also still favour three rate cuts this year, which was moderately dovish
READ MOREThe latest data from the Office for National Statistics (ONS) revealed that the UK economy rebounded by 0.2% in January (in line with market forecasts), bolstered by robust growth in retail, wholesale and construction. This followed a month-over-month fall of 0.1% in December 2023 and two consecutive quarters of contraction in the second half of
READ MOREAccording to data from the US Bureau of Labor Statistics (BLS), the year-over-year change in US consumer prices accelerated for a second straight month in February. Elevated Inflation Nominal headline inflation rose 0.4% on a month-over-month basis for February, which fell in line with economists’ estimates and a touch higher than January’s 0.3% reading. Year-over-year
READ MORELast week, we witnessed the price of spot gold (XAU/USD) refresh all-time highs (ATHs), comfortable north of the $2,000 mark at $2,195. Markets witnessed demand for the precious metal increase based on a number of factors, which has seen buyers lift prices higher for eight consecutive days. Last week also recorded its largest one-week gain
READ MOREUpside Momentum Slowing While it was another all-time high (ATH) for the S&P 500 last week, reaching 5,189, upside momentum is beginning to slow and concluded the week tentatively. The Dow Jones Industrial Average also ended a second week in negative territory and the Nasdaq 100 and Nasdaq Composite finished off ATHs in the shape
READ MOREAhead of this week’s wages/employment data, the technical position for the GBP/USD leans in favour of bulls. Monthly Resistance Cedes Ground Following two months of downside, GBP/USD bulls pencilled in a solid offensive last week (+1.6%), drawing the currency pair through resistance on the monthly timeframe at $1.2715. While one may argue that this market
READ MOREAccording to the US Dollar Index, the US dollar (USD) had a rather disappointing week, falling -1.1% against a basket of six major currencies. On the month, the buck is also -1.4% lower and, assuming a continued negative trajectory this month, is on track to snap a two-month bullish phase. The FP Markets Research Team
READ MOREIt was another impressive week for the major cryptocurrency pairing BTC/USD, adding nearly +10.0% and carving out a second straight weekly gain to reach a fresh record high of $70,198. Traders Eye Dip-Buying Opportunities It is clear across all primary timeframes that the trend in this market is bullish, prompting traders and investors to seek
READ MOREFollowing the Bank of Canada (BoC), the European Central Bank (ECB) announced it would hold all three key benchmark rates unchanged today for a fourth consecutive meeting, as widely expected. Downward Revisions in Growth and Inflation The updated macroeconomic Staff Projections observed a more optimistic picture for inflation in the form of downward revisions, and,
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