The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
What To Expect From GBP Today
2023-11-10 • Updated
The Pound exhibited a mixed performance due to limited fresh UK data, leaving it susceptible to external influences. Bank of England (BoE) policymakers, including Governor Andrew Bailey and Chief Economist Huw Pill, adopted a more hawkish stance, suggesting a 'higher for longer' narrative on interest rates. However, the Pound faced constraints in its upside potential as a cautious market sentiment hindered its rise against safer currencies. Lingering concerns about the UK economy's health further dampened the Pound's movements, despite BoE's monetary policy assertions. The upcoming GDP reports today, with a forecasted decline of 0.1% in the third quarter, could intensify fears of a UK recession, potentially leading to substantial selling pressure for GBP.
GBPJPY - H4 Timeframe
GBPJPY is currently trading within the Pivot zone on the Daily timeframe and has been rejected off the zone twice recently. On the 4-Hour timeframe, we see that price has created a supply zone inside the higher time frame Pivot zone, which serves as an additional confluence for entry. As a result of this confluence, I will wait until price reaches the 4-Hour supply zone before seeking to short GBPJPY.
GBPUSD - H4 Timeframe
GBPUSD on the 4-Hour time frame is currently resting on a support trendline, and a rally-base-rally demand zone. It is also important to note the bullish array of the moving averages. All these confluences tend to point in favour of a bullish reaction from the highlighted demand zone.
GBPAUD - H4 Timeframe
On the 4-Hour chart of GBPAUD, we can see that price has just broken a previous high, and seems to be heading for the highlighted high in the attached chart. For the time being, I do not see sufficient reasons to take a short entry, so I will sit still until price reaches the supply zone, and there we can watch for a reaction that confirms the intention of price to go lower.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more trade ideas and prompt market updates on the telegram channel.
Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.