GBPUSD has moved somewhat similarly to EURUSD recently with a few notable exceptions. The downward movement has been more vigorous here due to the simultaneous shifts in central banks’ outlooks: the Bank of England could start cutting faster according to some expectations while it seems clear now that the Fed won’t cut more than four times in total by the end of the year.
The technical picture probably doesn’t support immediate further losses. The price is just above the important psychological area of $1.30 and close to the 100% monthly Fibonacci retracement (matching the 61.8% weekly) with clear selling saturation but not especially high volume of selling.
The British job report will come out on Tuesday 15 October and inflation the following day. These releases, especially the latter, are centrally important for determining whether cable might settle into a range or try to bounce in the next few days. A sustained movement below $1.30 seems unlikely for now but it’s possible if the data on 15 and 16 October are notably disappointing.
The opinions here are personal to the writer; they do not reflect those of Exness or Trading View.
The technical picture probably doesn’t support immediate further losses. The price is just above the important psychological area of $1.30 and close to the 100% monthly Fibonacci retracement (matching the 61.8% weekly) with clear selling saturation but not especially high volume of selling.
The British job report will come out on Tuesday 15 October and inflation the following day. These releases, especially the latter, are centrally important for determining whether cable might settle into a range or try to bounce in the next few days. A sustained movement below $1.30 seems unlikely for now but it’s possible if the data on 15 and 16 October are notably disappointing.
The opinions here are personal to the writer; they do not reflect those of Exness or Trading View.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.