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U.S. Dollar / Pound Sterling

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Fundamental Market Analysis for October 31, 2024 GBPUSDThe Pound-Dollar pair continued to decline to the 1.29550 level in the early Asian session on Thursday. The Pound Sterling (GBP) is declining following the UK budget announcement. Later on Thursday, attention will shift to US Personal Consumption Expenditure (PCE) price index data. The UK's New Labour government released its first budget on Wednesday, which includes a GBP 40 billion tax hike to plug a hole in public finances and allow investment in public services, CNBC reported. One of the measures that is projected to bring the most revenue to the UK's coffers is an increase in the amount employers pay in National Insurance (NI), a payroll tax. US Gross Domestic Product (GDP) for the third quarter came in below expectations. ADP's October employment change report showed that private companies hired more people than expected. According to the CME FedWatch tool, traders estimate the probability of a 25bp Fed rate cut at the November meeting at nearly 95.2%. The release of US PCE inflation data on Thursday may provide some hints on the size and pace of a rate cut by the US Federal Reserve (Fed). Core PCE is expected to rise 0.2% m/m in September, while core PCE for the same period is expected to rise 0.3% m/m. The softer-than-expected result may raise hopes for deeper rate cuts and put pressure on the US dollar. Trading recommendation: Watch the level of 1.29500, if the level is fixed below we consider Sell positions, if the level rebounds we consider Buy positions.
by Fresh-Forexcast2004
Falling towards pullback support?The Cable (GBP/USD)n is falling towards the pivot and could bounce to the 1st resistance which has been identified as a pullback resistance. Pivot: 1.2908 1st Support: 1.2866 1st Resistance: 1.3024 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
GBPUSD is in the Buying Direction after Testing Support Hello Traders In This Chart GBPUSD HOURLY Forex Forecast By FOREX PLANET today GBPUSD analysis 👆 🟢This Chart includes_ (GBPUSD market update) 🟢What is The Next Opportunity on GBPUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexMasters2000
#GBPUSD 4HGBPUSD 4-Hour Analysis The GBPUSD pair has broken above a key trendline resistance on the 4-hour chart, signaling a bullish shift in momentum. This breakout suggests that buyers are gaining control, creating an opportunity for a potential buy entry as the price advances. Technical Outlook: - Pattern: Trendline Resistance Breakout - Forecast: Bullish (Buy Opportunity) - Entry Level: Above the broken trendline resistance Traders can consider entering buy positions above the breakout level, with targets set at the next resistance levels. Confirming indicators like RSI for a momentum shift or MACD for a bullish crossover can further strengthen the entry signal, supporting the bullish forecast.
Long
by PIPSFIGHTER
GBPUSD Ready for a breakthroughHello Traders In This Chart GBPUSD HOURLY Forex Forecast By FOREX PLANET today GBPUSD analysis 👆 🟢This Chart includes_ (GBPUSD market update) 🟢What is The Next Opportunity on GBPUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexMasters2000
GBPUSD Buy Opportunity from SupportGBPUSD recently broke below its previous support level, yet it has formed an inverse head and shoulders pattern near the psychological level of 1.3000. This level has shown resilience as the market decelerated while approaching it, forming a bullish divergence that strengthens the case for a rebound. The price has also bounced off the channel boundary and has now closed above the 1.3000 mark, showing higher lows, indicating building bullish momentum. Additionally, with the DXY forming a triple top at its resistance zone, there’s potential for a downward correction in the dollar, which could further support a GBPUSD rally. The target is the resistance zone around 1.3110
Long
by RTED_Investing
1
GBPUSD - UK is on the verge of an important economic decisioThe GBPUSD currency pair is located between EMA200 and EMA50 in the 4H timeframe and is moving in its medium-term bullish channel. In case of correction due to the release of today's economic data, we can see demand zone and buy within zone with appropriate risk reward. If the upward trend continues, this currency pair can be sold within the specified supply zones The UK budget is set to be announced today, Wednesday, October 30, 2024. Analysts at Commerzbank predict that if the budget combines austerity measures with long-term investment optimism, it could positively impact the pound and bolster the UK’s long-term growth potential. The government faces the challenge of stimulating investment to address years of underfunding in the public sector. The difficulty lies in the fact that the UK has been spending beyond its income in recent years, which has complicated its financial situation. Meanwhile, prices in UK stores have fallen at their fastest rate in over three years. However, the budget announcement by Finance Minister Rachel Reeves could help inflation rebound. The annual store price index has decreased to 0.8%, marking the weakest level since August 2021. Food prices have risen by 1.9%, and clothing prices have also increased for the first time since January. Data shows that consumer inflation fell to 1.9% in September. On the other hand, in the U.S., Professor Jeremy Siegel from the Wharton School believes the Federal Reserve may choose to hold rates steady next week if the October non-farm payroll (NFP) report proves very strong. Siegel notes that if the labor market report is robust, many FOMC members may conclude that it’s time to pause. He also predicts that the rate-cutting cycle will include three to four rate reductions, but long-term rates are likely to remain high. In August, Siegel advocated for an emergency 75 basis-point rate cut by the Fed.
Long
by Ali_PSND