GBPUSD Key Points
The US dollar is facing budgetary issues, given the federal budget’s balances at -21.9 billion dollars. US CPI in focus
The GBPUSD resilience is shown by strong labor statistics, like the Claimant Number and Wages Index.
Forthcoming CPI readings and European Economic Confidence are expected to affect the US dollar and EUR’s short-term trajectory.
Macroeconomic Developments Impact Forex View; Focus on US Consumer Price Index
The US Currency has faced the brunt of a Federal Budgetary Balancing of -21.9 billion dollars. Which highlights the country’s budgetary woes. Conversely, the GBPUSD has exhibited indications of economic resiliency, as seen via a 14.1K claimant count shift. With a jobless rate of 3.8 percent, as well as a 5.8 percent gain in the Mean Earning Indicator 3 million per year.
The results point to a strong workforce in Britain, which might support the pounds sterling among its rivals.
The UK Pound had strong purchasing activity in Tuesday’s initial European trade. Following the UK’s (ONS) announced strong jobs figures for the 3 months ended Dec. Job demand is strong, and the median salary climbed faster than expected by market players.
Recruitment from UK-based businesses has been high, as executives are positive regarding the economic prospects. Primarily a result of fading downturn worries, relieving pricing tensions, and expectations of BoE rate reduction.
GBPUSD Technical Perspective
The GBPUSD rate of exchange fell by 0.07 percent and settled at 1.26196 mark. The action takes the exchange rate pair beneath its crucial level of 1.26444 level. Signaling a negative mood in the near future.
The resistance is seen around 1.26743, 1.27180, then 1.27710 markers, while supporting emerges around 1.26144, 1.25772, then 1.25171 level.
The 50 & 200- D-EMA, around 1.26308 & 1.26536, accordingly, support the negative perspective. Showing that GBPUSD duo may face downside pressure if it remains below its turning mark.
Source: TradingView Daily GBPUSD graph
5 – Hourly Technical Indicators & Signals
Name | Value | Action |
RSI(14) | 55.369 | Buy |
STOCH(9,6) | 44.834 | Sell |
STOCHRSI(14) | 100.000 | Overbought |
MACD(12,26) | -0.000 | Sell |
ADX(14) | 29.905 | Buy |
Williams %R | -27.192 | Buy |
Name | Value | Action |
CCI(14) | 156.5625 | Buy |
ATR(14) | 0.0024 | Less Volatility |
Highs/Lows(14) | 0.0004 | Buy |
Ultimate Oscillator | 45.855 | Sell |
ROC | 0.286 | Buy |
Bull/Bear Power(13) | 0.0031 | Buy |