Weekly- Analysis on GBPUSD
Technical:
From the technical analysis on the chart (Market structure and Price action) We understand that the market broke a trend line and retested a zone/support level of 1.23812 on a daily time frame thereby creating a doji and a shaven head candle stick pattern on the 16th and 17th of November respectively. The appearance of such candle stick has an upward indication.
Fundamental:
Sterling holds narrow advantage over the US in terms of expected rate cuts.
Fed speakers and UK Autumn Statement next up on the calendar.
Recent spikes to the upside have primarily been driven by USD sell-offs sparked by worsening fundamental data experienced by the world’s largest economy. Once again, the pair has eased lower in the days following the sharp rise on Tuesday after better-than-expected US CPI data.
From the technical analysis on the chart (Market structure and Price action) We understand that the market broke a trend line and retested a zone/support level of 1.23812 on a daily time frame thereby creating a doji and a shaven head candle stick pattern on the 16th and 17th of November respectively. The appearance of such candle stick has an upward indication.
Fundamental:
Sterling holds narrow advantage over the US in terms of expected rate cuts.
Fed speakers and UK Autumn Statement next up on the calendar.
Recent spikes to the upside have primarily been driven by USD sell-offs sparked by worsening fundamental data experienced by the world’s largest economy. Once again, the pair has eased lower in the days following the sharp rise on Tuesday after better-than-expected US CPI data.
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