Review Brokers
No Result
View All Result
Tuesday, September 26, 2023
  • Login
  • Home
    • Forex Advertising
    • Economic Calendar
    • Contact Us
  • Forex Brokers
    • Best Broker 2023
  • Education
    • Forex Trading Strategies
    • Forex Trading Indicators
    • Forex/CFDs/Cryptos News
    • Promotional Content
  • Forex Promotions
    • Best Promotions
    • Affiliate Program
    • Forex No Deposit Bonus
    • Forex Demo Contest
    • Forex Rebate (Cashback)
    • Forex Live Contest
    • Forex Deposit Bonus
    • Other Promotions
  • Expert Advisors
    • Expert Advisors Price
  • Rebate Service
    • Terms and Conditions of Rebate Services
  • Home
    • Forex Advertising
    • Economic Calendar
    • Contact Us
  • Forex Brokers
    • Best Broker 2023
  • Education
    • Forex Trading Strategies
    • Forex Trading Indicators
    • Forex/CFDs/Cryptos News
    • Promotional Content
  • Forex Promotions
    • Best Promotions
    • Affiliate Program
    • Forex No Deposit Bonus
    • Forex Demo Contest
    • Forex Rebate (Cashback)
    • Forex Live Contest
    • Forex Deposit Bonus
    • Other Promotions
  • Expert Advisors
    • Expert Advisors Price
  • Rebate Service
    • Terms and Conditions of Rebate Services
No Result
View All Result
Review Brokers
No Result
View All Result

GBPUSD Forecast: Pound struggles to attract bulls

Admin by Admin
September 9, 2022
in Forex/CFDs/Cryptos News
0
gbpusd
0
SHARES
3
VIEWS

(Eren Sengezer – FXStreet)

– GBP/USD has lost its recovery momentum early Thursday.

– Cautious comment on policy outlook from BOE officials limit GBP’s upside.

– Eyes on ECB rate decision, Powell speech and UK PM Truss’ plan on energy.

GBP/USD has managed to stage a rebound late Wednesday but failed to preserve its bullish momentum above 1.1500. The pair stays on the backfoot early Thursday as investors wait for the European Central Bank’s (ECB) rate announcement and FOMC Chairman Jerome Powell’s speech. British Prime Minister Liz Truss is also expected to unveil her plan to tackle the energy crisis.

While testifying before the UK Treasury Select Committee on Thursday Bank of England Chief Economist Huw Pill noted that if they observed quantitative tightening (QT) too much tightness in policy, they could offset that with fewer interest rate increases. On a slightly dovish note, BOE policymaker Silvana Tenreyro said that a more gradual pace of tightening would reduce the risk of overshooting.

Following these comments, GBP/USD touched its weakest level since March 2020 near 1.1400 on Wednesday. With the improving market mood limiting the dollar’s gains in the second half of the day, the pair reversed its direction but buyers remain hesitant to commit to additional pound gains.

The ECB is expected to hike its policy rate by 75 basis points (bps) on Thursday. In case the bank adopts a hawkish outlook and reassures markets that it will remain on an aggressive tightening path, capital outflows out of the dollar could help GBP/USD push higher. It’s worth noting, however, that such a market reaction could lead to a big jump in EUR/GBP and cap GBP/USD’s rebound.

In the American session, FOMC Chairman Jerome Powell is scheduled to speak as well. According to the CME Group FedWatch Tool, markets are currently pricing in an 82% probability of a 75 bps Fed hike in September. This market positioning suggests that the dollar doesn’t have a lot of room on the upside even if Powell were to reaffirm another oversized rate increase at the next meeting.

In the meantime, UK PM Truss will reportedly announce that they will freeze energy prices for households to help them with rising costs. Citing two sources familiar with the matter, Reuters reported on Thursday that the British government could issue as many as 130 new licenses for oil and gas exploration in the North Sea. In case investors are convinced that the government will be able to battle the energy crisis, the British pound could hold its ground against the dollar in the near term.

GBP/USD Technical Analysis

GBPUSD

Although GBP/USD stays afloat above the descending regression channel coming from early August, the Relative Strength Index (RSI) indicator on the four-hour chart sits below 50, pointing to a lack of bullish momentum. Furthermore, the pair closed the last two four-hour candle below the 20-period SMA.

If GBP/USD rises above 1.1500 (psychological level, 20-period SMA) and starts using that level as support, it could extend its rebound toward 1.1550 (static level), 1.1575 (50-period SMA) and 1.1600 (psychological level).

On the downside, 1.1470 (upper limit of the descending regression channel) aligns as first support before 1.1420 (static level) and 1.1400 (mid-point of the descending channel, psychological level, static level).

GBP/USD outlook: Sterling is consolidating above new multi-decade low

(Slobodan Drvenica – Windsor Brokers)

Cable remains at the back foot following Wednesday’s brief probe below 2020 low (1.1410) that posted new lowest since 1985.

Subsequent bounce left Hammer candlestick, generally bullish signal, which so far did not provide any positive reaction, as the outlook for pound remains increasingly bearish.

Markets will closely watch the first steps of new UK Prime Minister Liz Truss, who said that the government will set out a bold plan of action to support households and businesses and also to boost domestic energy supply, including both, short and long-term solutions, though she did not provide any detail about the plan.

BOE officials expect new plan to ease short-term inflationary pressure that would partially ease mounting worries as inflation already hit a double-digit levels and according to some forecast, may rise up to 20% if crisis with energy supplies deepens.

The policymakers, however, remain cautious, as some leaked details of the plan signal a massive government spending that would exceed pandemic furlough scheme that could fuel inflation.

Cable returned to red on Thursday, with near-term action so far holding within  a narrow range, formed after strong rejections on both sides on Tuesday and Wednesday.

Overall technical picture remains firmly bearish, with extended consolidation likely to precede fresh weakness.

Sustained break of 2020 low would generate strong signal of bearish continuation of larger downtrend from 2007, which was paused for consolidation since 2016 until now and unmask 1985 low at 1.0520.

Near-term action faces initial resistance at 1.1583 (falling 10DMA), ahead of more significant barrier at 1.1610 (consolidation range top / Fibo 23.6% of 1.2276/1.1405), which should ideally cap and keep bearish structure intact.

Res: 1.1541; 1.1583; 1.1648; 1.1693.
Sup: 1.1475; 1.1405; 1.1352; 1.1300.

GBPUSD

Read FX daily: Finding a way out of gas inflation

Post Views: 329

Related posts:

GBPUSDGBPUSD Forecast: Pound looks indecisive after hot UK inflation data GBPUSDGBPUSD Foreacst: Eyes fresh multi-year lows as dollar rally continues GBPUSDGBPUSD Forecast: Pound needs to clear 1.1870 to extend its rebound GBPUSDGBPUSD Forecast: Pound struggles to turn bullish ahead of Powell GBPUSDGBPUSD Forecast: Pound remains fragile amid risk aversion EURUSDForex Technical Outlook: EUR/USD, EUR/JPY, GBP/USD gbpusdGBPUSD Forecast: Sellers retain control following Tuesday’s recovery attempt gbpusdGBPUSD Forecast: Bearish bias stays intact below 1.1550
Tags: Forex/CFDs/Cryptos NewsGBPUSD newsPound struggles to attract bulls
30 USD No Deposit Bonus 30 USD No Deposit Bonus 30 USD No Deposit Bonus
Previous Post

AUDUSD flirts with July’s low, WTI futures retreat to 7-month low [Video]

Next Post

Tradeo | Up To 50% Trading Commission Discounts

Admin

Admin

Related Posts

ForexNews
Forex/CFDs/Cryptos News

Economic Headwinds in Europe: Exploring the Lower Trading Figures

July 25, 2023
EUR-USD
Forex/CFDs/Cryptos News

EUR/USD Forecast: Turbulent Times Ahead for the Euro

July 17, 2023
FXcurrencies
Forex/CFDs/Cryptos News

Mastering Murrey Math Lines for Trading USD/JPY and USD/CAD

April 19, 2023
oil
Forex/CFDs/Cryptos News

Navigating the Turbulent Waters of Commodity Markets: Higher Prices and Weaker Margins

April 19, 2023
oil
Forex/CFDs/Cryptos News

Energy Prices Spark Inflation Surge in the US: Expert Analysis

April 17, 2023
Gold
Forex/CFDs/Cryptos News

Gold Forecast: Will it Reach $2040 Again and What are the Risks Involved?

September 11, 2023
Load More
Next Post
Tradeo

Tradeo | Up To 50% Trading Commission Discounts

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
PrimeXBT

PrimeXBT | Step2earn Contest (06.06.22)

May 31, 2022
FBS

FBS | $100 Quick Start Bonus

February 21, 2023
PrimeXBT

PrimeXBT | TradinatoR Contest (27.06.22)

June 6, 2022
xtrade

XTrade | Xmas Season Bonus (26.12.21)

May 24, 2022
CMC Markets

What Is Bitcoin?

52
forexknowledge

What is Forex?

32
Tiomarkets

MT4 vs MT5: What trading platform to choose?

31
CMC Markets

What Is Ethereum?

29
JustMarkets-Grab a Risk-Free $30 Welcome Bonus in Forex Trading

JustMarkets – Grab a Risk-Free $30 Welcome Bonus in Forex Trading

September 25, 2023
Boost Your Profits with OctaFX 50% Bonus Offer

Boost Your Profits with OctaFX 50% Bonus Offer

September 25, 2023
XM Group - How to Claim $30 Forex Welcome Bonus

XM Group – How to Claim $30 Forex Welcome Bonus

September 24, 2023
RoboForex How to Claim $30 as a Forex Welcome Bonus

RoboForex Free Welcome Bonus: How to Claim $30 as a Forex Welcome Bonus

September 22, 2023

Advertisement

exness

fbs

XM



octafx

icmarkets

XM

Recent Posts

  • JustMarkets – Grab a Risk-Free $30 Welcome Bonus in Forex Trading
  • Boost Your Profits with OctaFX 50% Bonus Offer
  • XM Group – How to Claim $30 Forex Welcome Bonus
  • RoboForex Free Welcome Bonus: How to Claim $30 as a Forex Welcome Bonus
  • Winning Gold Trading Strategies

Connect to ReviewBrokers

facebook twitter telegram
liveinternet liveinternet
Review Brokers

ReviewBrokers Information

Address: Ho Chi Minh City, Vietnam, 70000

Contact us:
– Skype: fxvnpro
– Email:

admin@reviewbrokers.com

reviewbrokers.net@gmail.com

Payment methods:
– Webmoney
– Perfect Money
– Paypal
– Skrill
– Neteller
– Bank Wire
– Bitcoin

Categories

  • Affiliate Program (63)
  • Best Promotions (42)
  • Broker Listing (7)
  • Education (95)
  • Expert Advisors (2)
  • Forex Demo Contest (38)
  • Forex Deposit Bonus (239)
  • Forex Live Contest (53)
  • Forex No Deposit Bonus (28)
  • Forex Rebate (Cashback) (64)
  • Forex Trading Indicators (26)
  • Forex Trading Strategies (15)
  • Forex/CFDs/Cryptos News (963)
  • Other Promotions (51)
  • Promotional Content (14)

Disclaimer

Any promotions, reviews, and other information in the website are just for the information purpose only.

There is no invitation or encouragement to invest in the Financial Market such as CFDs, Forex, Binary Options, Indices, Cryptocurrencies and so on. We disclaim liability for any loss resulting from the use of information contained on this website.

The published comments are private opinions or feedback of the users. ReviewBrokers is not responsible for any information on the website.

Recent Posts

  • JustMarkets – Grab a Risk-Free $30 Welcome Bonus in Forex Trading
  • Boost Your Profits with OctaFX 50% Bonus Offer
  • XM Group – How to Claim $30 Forex Welcome Bonus
  • RoboForex Free Welcome Bonus: How to Claim $30 as a Forex Welcome Bonus
  • Winning Gold Trading Strategies
  • Top Forex Brokers with No Deposit Bonuses
  • FBS Global Roadshow: Nurturing Global Trading Communities Worldwide
  • What is a No Deposit Forex Bonus and How to Get It
  • Maximize Profits with Free Forex Trading Bots
  • How to Start Making Money with Forex Trading for Beginners
  • Trading Forex with No Deposit Bonus
  • Orbit Global FX | August Month Offer For Traders

Risk warning

Please be aware of your investment into trading markets which is high risk and not suitable for everyone.

© 2013 - 2023 Review Brokers - Forex Brokers Review - Rebates Service - Expert Advisors Signals - Forex Promotions & News.

No Result
View All Result
  • Home
    • Binary Options Brokers
    • Forex Advertising
    • Best Brokers 2022
    • Economic Calendar
    • Contact Us
  • Expert Advisors
    • Expert Advisors Price
  • Forex Brokers
  • Education
    • Forex/CFDs/Cryptos News
    • Promotional Content
  • Forex Promotions
    • Best Promotions
    • Forex No Deposit Bonus
    • Forex Demo Contest
    • Forex Rebate (Cashback)
    • Affiliate Program
    • Forex Deposit Bonus
    • Forex Live Contest
    • Other Promotions

© 2013 - 2023 Review Brokers - Forex Brokers Review - Rebates Service - Expert Advisors Signals - Forex Promotions & News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Warning: array_sum() expects parameter 1 to be array, null given in /home/betbonus/reviewbrokers.net/wp-content/plugins/jnews-social-share/class.jnews-social-background-process.php on line 111