Mulai
trading

Halaman Utama >
Analytics
>
Fresh forecast
>
Analisis Fundamental Forex
>
Positive momentum on the pound

Positive momentum on the pound | 09 Agustus 2024

09 Agustus 2024, GBP/USD

Positive momentum on the pound

GBPUSD:

The GBP/USD pair is developing on the back of a good bounce from the 1.2665 area, a five-week low, and is gaining positive momentum for the second day in a row. This momentum is lifting spot prices above the mid-1.2700s during the Asian session and is supported by a modest decline in the US Dollar (USD).

As investors ignore Thursday's encouraging US labor market report, the US Dollar Index (DXY), which tracks the USD against a basket of currencies, retreats further from Thursday's one-week high and acts as a tailwind for GBP/USD. The US Labor Department reported that initial jobless claims totaled 233k for the week ended August 3, compared to expectations of 240k and 249k in the previous week. The upbeat data eased fears of an economic slowdown in the world's largest economy, although the Federal Reserve's (Fed) soft expectations continue to undermine demand for the dollar.

Markets fully appreciated the Fed's 25 basis point rate cut in September and are speculating on the possibility of a 50 basis point rate cut. This, in turn, is causing a new round of declines in US Treasury yields, which, along with the positive tone on risk, is putting downward pressure on the safe-haven greenback. However, any meaningful movement in GBP/USD seems elusive amid rising bets of two more interest rate cuts by the Bank of England (BoE) in 2024. This, along with the ongoing unrest in the UK, should deter traders from aggressively bullish betting on the British Pound (GBP).

There will be no market-important economic data released on Friday from either the UK or the US, so the GBP/USD pair will be at the mercy of USD price action. Nevertheless, spot prices continue to suffer moderate losses for the fourth week in a row. The focus will now shift to the release of monthly UK employment data due next Tuesday, followed by the latest UK and US consumer inflation data on Wednesday. In addition, the UK monthly GDP data on Thursday should help in determining the next stage of directional movement of the currency pair.

Trading recommendation: Trade predominantly with Buy orders from the current price level

Connect Drawdown bonus 101% and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
Setuju dengan review?
opini pedagang:
Close
Masuk

Tunjukkan Kata Kunci

Sembunyikan Kata Kunci

 Lupa kata sandi?
Browser Anda tidak mendukung kue. Jika cookie dinonaktifkan di browser Internet Anda, Anda mungkin memiliki masalah dengan render daerah Pribadi. Cara mengaktifkan dukungan cookie.

Penghargaan terbaik kami:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.