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GBPUSD under bullish pressure Likely to rise to resistance level 1.3120 GBPUSD currency pair is under bullish pressure after the earlier breakout of the resistance level 1.2850, which has been reversing the pair from 2023. The breakout of the resistance level 1.2850 results from the simultaneously strongly bullish sterling sentiment and the equally weak USD […]

The post GBPUSD Wave Analysis appeared first on Action Forex.

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17/07/2024

GBP Looks Stronger Than USD Thanks to Inflation

A batch of inflation statistics from the UK seems to have fuelled the Pound’s rally against the Dollar and Euro, which has been going strong since the beginning of the month. Consumer inflation remained at 2.0%, with the core index at 3.5% y/y. At the same time, positive monthly price trends persisted, adding 0.1% in […]
03/06/2024

EURUSD Neutral in Short-Term But Still Bullish in Medium-Term

EURUSD rebounds off 1.0800 and 200-day SMA Trades within narrow range MACD and RSI lack direction EURUSD is currently moving sideways within a two-week consolidation area with upper boundary the 1.0895 resistance and lower boundary the 1.0800 round number. Looking at the momentum indicators, the RSI is lacking direction slightly above the neutral threshold of 50, suggesting that the […]
15/02/2024

Australia January Labour Force: Seasonality Amplifies a Weak Underlying Trend

Employment: +0.5k (from –62.7k). Unemployment Rate: 4.1% (from 3.9%). Participation Rate: 66.8% (unchanged). January is the most seasonal time of the year for the labour market, and this year was no exception. As we had anticipated, the softening trend in labour market conditions that extended into the new year was amplified by shifting seasonal dynamics […]