Daily Pivots: (S1) 0.8770; (P) 0.8784; (R1) 0.8803; More… EUR/GBP’s fall from 0.8663 extends lower today. The break of 0.8765 support confirms short term topping at 0.8863, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for 55 D EMA (now at 0.8742) first. Sustained break there will be an […]
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Sterling advanced broadly today as markets reacted positively to the highly anticipated Autumn Budget. Early jitters surfaced when the OBR mistakenly published its fiscal forecasts ahead of schedule, triggering brief volatility in both the Pound and 10-year gilt yields. But once the dust settled, sentiment stabilized and then improved further as the full details were […]
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The GBPUSD moved lower after the budget was released early, but has now moved to new highs.
Technically, the price initially moved lower, but found support buyers rate against its 200 hour moving average at 1.31239. That was above the 100 hour moving average at 1.31145. The price balanced offer that low and as the Chancellor presented the budget, the momentum to the GBPUSD above the 38.2% retracement of the move down from the mid-October high at 1.31855 . Short-term traders will be watching at 38.2% retracement for support.
The high price extended above recent highs including the high from yesterday near 1.3213, the high from November 13 or 1.32134, and the high going back to October 30 at 1.1318. The price moved to 1.3222 before rotating back to the downside.
The current price is back down testing the 38.2% retracement level. Can the buyers hold support here and keep the bullish bias intact at least in the short term? That is what will be decided.
This article was written by Greg Michalowski at investinglive.com.
US initial jobless claims fell -6k to 216k in the week ending November 22, below expectation of 226k. Four-week moving average of initial claims fell -1k to 224k. Continuing claims rose 7k to 1960k in the week ending November 15. Four-week moving average of continuing claims rose 750 to 1956k. Full US jobless claims release […]
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US durable goods orders rose 0.5% mom to USD 313.7B in September, matching expectations. The headline increase was driven primarily by transportation equipment, which climbed 0.4% mom to USD 110.7B, extending gains for a second month. Ex-defense orders also inched 0.1% higher to USD 290.6B, reflecting still-modest momentum across broader manufacturing categories. The stronger signal […]
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