GBP/USD Price Forecast: Remains below 1.3450, nine-day EMA
GBP/USD remains subdued for the fourth consecutive day, trading around 1.3430 during the Asian hours on Friday. The momentum indicator 14-day Relative Strength Index (RSI) at 51.9 is neutral, reflecting slower momentum after firm recent readings. An RSI drop back beneath 50 would strengthen the case for a deeper pullback.
The GBP/USD pair straddles the short-term and medium-term trend filters, sitting below the nine-day Exponential Moving Average (EMA) but above the 50-day EMA. The nine-day average remains above the 50-day EMA, yet its recent rollover caps upside traction. Read more…
GBP/USD hangs near weekly low, below mid-1.3400s as traders await US NFP report
The GBP/USD pair is seen consolidating in a narrow range and trading around the 1.3435 region during the Asian session on Friday, just above the weekly low retested the previous day. Traders now seem reluctant and opt to move to the sidelines ahead of the release of the highly anticipated US Nonfarm Payrolls (NFP) report later today, before placing fresh directional bets.
The crucial US employment details would provide more cues about the Federal Reserve’s (Fed) rate-cut path, which, in turn, will play a key role in influencing the near-term US Dollar (USD) price dynamics and drive the GBP/USD pair. Heading into the key data risk, rising bets for further policy easing by the Fed, along with a stable performance around the equity markets, keep a lid on the recent USD move higher to a one-month peak and act as a tailwind for the currency pair. Read more…
GBP/USD slides for third consecutive day as firm US jobs data lifts Dollar
The Pound Sterling (GBP) falls for the third straight day on Thursday against the US Dollar (USD), down some 0.10% as US jobs data showed the labor market is healthier than expected, weighing on expectations of Federal Reserve (Fed) rate cuts ahead in the year. At the time of writing, GBP/USD trades at 1.3444 after reaching a daily high of 1.3465.
Economic data in the US capped losses in the US Dollar yet weighed on G10 FX currencies. US Jobless Claims data for the week ending January 3 was below estimates of 210K, came at 208K, above the previous week’s 200K. The data was solid and it could be a prelude to Friday’s Nonfarm Payrolls for December, with analysts projecting that the economy added 60K jobs, below the previous print of 64K. Read more…
