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: 2024.11.11
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GBP/USD: To consolidate near term - OCBC
Breaking news
GBP/USD: To consolidate near term - OCBC
New
2024.11.11 20:19
2024.11.11 20:19
2024.11.11 20:19
The Pound Sterling (GBP) traded a touch softer last week, despite larger magnitude of decline seen in other FX including EUR, CHF. GBP was last at 1.2888 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
BoE keeps well GBP supported
"Hawkish BoE was one factor that kept GBP supported. Governor Bailey stressed on the need to make sure inflation stays close to target. Also, labour government's budget may add to inflation, alongside Trump's tariff plans. These reinforced our view that the BoE may have to stick with its gradual approach on lowering rates.
Daily momentum is flat while RSI shows little signal. Consolidation likely. Support here at 1.2870 (50% fibo) and 1.2820 (200 DMA). Resistance at 1.2990/1.30 (38.2% fibo retracement of Apr low to Sep high, 21, 100 DMAs), 1.3100 levels (50 DMA). Week's data docket brings labour market data (Tuesday) and activity/GDP data (Friday).
Last updated
: 2024.11.11
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EUR/GBP bounces after UK Unemployment data miss, but Euro remains vulnerable
EUR/GBP bounces off two-and-a-half year lows in the 0.8200s to trade back up in the 0.8330s on Wednesday after UK labor market data showed a rise in the Unemployment Rate which increased speculation the Bank of England (BoE) might cut interest rates in December.
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2024.11.13 20:30Crude Oil trades stuck at $68 level ahead of API stockpile data
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2024.11.13 20:23EUR/CAD finds interim support near 1.4800, downside bias stays afloat
The EUR/CAD pair discovers temporary support near the round-level support of 1.4800 in European trading hours on Wednesday.
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2024.11.13 20:15New forecasts following US election - ABN AMRO
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2024.11.13 20:15USD/CNH: Policymakers attempt to slow pace of depreciation - OCBC
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2024.11.13 19:44Disclaimer:
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