GBP USD

GBP/USD held steady on Friday but is on track for its largest weekly rise since mid-September as the US dollar gave back some of its Trump victory gains.

DAX rises ahead of inflation data. GBP/USD falls after stronger US data & UK service sector gloom.

GBP/USD may attempt to test the May low (1.2446) if it fails to defend the monthly low (1.2487).

British Pound plunged for an eighth week with a 7% decline off the yearly high now testing the key support. Battle lines drawn on the GBP/USD weekly technical chart.

GBP/USD falls to a fresh monthly low (1.2576) as it gives back the advance from the start of the week.

In the FX space, the yen was also bid, supported by some hawkish remarks from the BoJ governor, implying a rate hike was not off the table in December. Elsewhere, the EUR/USD broke below the 1.05 handle amid hawkish repricing of US rates and ongoing concerns over Eurozone economy, while the GBP/USD slipped near the 1.26 level, potentially on the verge of breaking further lower. The GBP/USD outlook thus remains bearish.

While headlines were fixated on Nvidia and the origin of missiles, the real story for EUR/USD and GBP/USD on Wednesday was US yield movements, driving the latest twists in forex markets.

The UK's higher-than-expected inflation data has likely ruled out a December rate cut by the Bank of England, but the GBP/USD has nevertheless been unable to hold onto its earlier gains. Thus, the GBP/USD forecast remains unchanged as we expect to see further modest selling pressure until the dollar tops out.

GBP/USD appears to be on track to test the June low (1.2613) as it no longer tracks the positive slope in the 200-Day SMA (1.2820).

British Pound plunged more than 3.2% off the monthly high with a break of the election range exposing key support. Battle lines drawn on the GBP/USD technical charts.

British Pound plunged nearly 4.8% off the yearly high with the bears now poised to challenge key trend support. Battle lines drawn on the GBP/USD weekly technical chart.

GBP/USD falls as unemployment rises. DAX falls as Trump risks hit sentiment.

GBP/USD may continue to track the positive slope in the 200-Day SMA (1.2818) should it hold within the opening range for November.

This week, inflation data from the US and GDP data from UK will be crucial. With last month’s US CPI outpacing expectations at 2.4% year-over-year, markets remain attentive to signs of persistent inflation.

The cable was held back by the US dollar, which despite giving a big chunk of its post-election gains on Thursday, rebounded strongly on Friday, giving a bearish GBP/USD forecast for the week ahead.

GBP/USD retraces the decline following the US election as the Bank of England (BoE) delivers a hawkish rate-cut.

GBP/USD rises ahead of the BoE & Fed rate decisions. EUR/USD recovers from a 4-month low ahead of the Fed.