Subscribe to RSS

GBP/USD Forecast: Eyes 1.5270, possible inverted head and shoulder

The GBP/USD pair rose to a high of 1.5322 on Thursday and extended gains to its 200-DMA at 1.5335 in Asia today. A slightly weaker than expected US Q3 GDP print led to a spike in the GBP/USD pair. Moreover, the pair repeatedly found support at 1.5248 (50% of Apr-June rally) and eventually made its way higher during the NY session.

Focus on GBP crosses and US data

The GBP/JPY and EUR/GBP cross could influence the cable today. The GBP/JPY pair dipped to a low of 184.30 after the Bank of Japan kept the policy unchanged, however, the pair made its way back up ahead of Kuroda’s comments. In case Kuroda points to more easing ahead, the GBP/JPY pair could rise towards 186.40-186.50, thereby pushing the cable back to its 200-DMA at 1.5335. Later in the day, an upbeat Eurozone preliminary Oct CPI figure could push up EUR/GBP cross and add to the bearish pressure on the GBP/USD pair.

US personal spending report

The Fed policy statement released earlier this week talked up the December rate hike bets, however, by no means a rate hike is a done deal and the bank stays data dependent. The US Q3 preliminary GDP (subject to revisions ahead) confirmed the Fed’s view that the economy continues to expand at a moderate pace. The policy statement also sounded upbeat on household spending. But, the data due later today is likely to show the personal spending in October slowed to 0.2% and the personal income growth also dropped to 0.2%. A weaker-than-expected personal spending figure could undo the post-Fed optimism and trigger USD weakness ahead of monthly closing.

Technicals – inverted head and shoulder on hourly chart?

Sterling was rejected at its 200-DMA at 1.5335 earlier today, but remains resilient around 1.5320. The hourly chart shows prices could fall back to 1.5270 followed by a revival, leading to an inverted head and shoulder formation with neckline resistance around 1.5335. A break above 1.5335 (confluence with 200-DMA) could open the doors for 1.5420. However, a break below 1.5270 may lead to a re-test of 1.5247 levels.

GBPUSD

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

300% Trad-able Special Bonus Promotion – MarketsYes

300% Trad-able Special Bonus Promotion – MarketsYes(0)

300% Forex Tradable Special Bonus Promotion All New and existing clients. MarketsYes is offering all prospective clients deposit for up to 3000 USD/EUR/GBP a 300% Tradable Special Bonus. Link:  300% Tradable Bonus Promotion Available to: All New and existing clients Ending Date: 31 December 2017 Bonus offer:  300% Tradable Special Bonus Promotion All New and

100% Deposit Bonus and Forex Free Signals – Trade12

100% Deposit Bonus and Forex Free Signals – Trade12(0)

Forex Free Trading Signals via SMS. EMAIL. SKYPE. WHATSAPP and 100% Welcome Deposit Forex Bonus to your Live Trading Account. Link:  Free Daily Forex Trading Signals Link:  Get 100% Welcome Deposit Bonus Link:  Forex Trade and Win 2 Tickets Available to: All new clients Ending Date: 31 December 2017 Bonus Offer: Get 100% Welcome Deposit

100% New Account Bonus Up to $300 – Ava Trade

100% New Account Bonus Up to $300 – Ava Trade(0)

100% New Account Deposit Bonus to your first deposit Up to $300. Start trading today and in honour of our Irish roots we’ll give you a St. Patricks Day special bonus of up to 100% Link:  100% Special Bonus to Your First Deposit Available to: All new account Ending Date: 31 December 2017 Bonus offer:

$20 Phone Validation Welcome Forex Bonus – LMFX

$20 Phone Validation Welcome Forex Bonus – LMFX(0)

$20 Phone Validation Welcome Forex Bonus to All New Traders. The $20 Phone Validation Forexc Bonus is available for all the Clients who have successfully opened and funded their trading account with the Company in accordance with the Account Opening Agreement. Link:  $20 Phone Validation Welcome Forex Bonus Available to: All new traders Ending Date:

Live Trading Competition & 20% Deposit Bonus – FirewoodFX

Live Trading Competition & 20% Deposit Bonus – FirewoodFX(0)

Forex Live Account Trading Competition and 20% Forex Deposit Bonus . FirewoodFX presents the forex live account Trading Competition 1 with cash prize more than $1000! Be the winner by achieving the highest profit! Link: Live Account Trading Competition Link: 20% Bonus Make $100 Deposit or More Available to: All new and existing Ending Date:

$50 Free Bonus Without a Deposit – Adamant Finance

$50 Free Bonus Without a Deposit – Adamant Finance(0)

Free $50 Forex No Deposit Welcome Bonus to all new Traders. Receive $50 for Forex Free Bonus Without a Deposit and test the terms on a real account, without transfering any money. Link:  $50 No Deposit Free Welcome Bonus Ending Date: 31 December 2018 Available to: All new Traders Bonus Offer: Free $50 Forex No

Binary Options Free Demo Trading Tournament – CBFinvest

Binary Options Free Demo Trading Tournament – CBFinvest(0)

Binary Options Free Demo Trading Tournament total 2000$ cash prizes. Any Spotoption brand can start offering immediately binary options Tournaments, without spending a fortune on programming and without waiting for months Link:  Binary Options Free Demo Tournament Available to: All Customers AMAZING FEATURES Rebuys – for Tournaments based on demo, the feature of Rebuys allows

Risk Free Trading plus Free Forex Signals – MarketsYes

Risk Free Trading plus Free Forex Signals – MarketsYes(0)

300% Forex Deposit Bonus Promotion and Forex Risk Free Trade plus Forex Free Signals All New and existing clients. MarketsYes is offering all prospective clients deposit for up to 3000 USD/EUR/GBP a 300% Tradable Bonus. Link:  300% Tradable Bonus Promotion Link:  Risk Free Trade plus Forex Free Signals Available to: All New and existing clients

50% Bonus of Every Deposit – Fort Financial Services

50% Bonus of Every Deposit – Fort Financial Services(0)

Up to 50% Bonus of Every Deposit to All New and Existing Traders. You Deposited $1000 on your account, chose a 50% bonus and got 500 extra dollars to the initial deposit amount. Link: Up to 50% Bonus of Every Deposit Link: $5 Forex No Deposit Welcome Bonus Link: 15% Support Margin Bonus Link:  Profit

123% Tradable Deposit Bonus Promotion – FreshForex

123% Tradable Deposit Bonus Promotion – FreshForex(0)

Get 123% Tradable Deposit Bonus Promotion gives a real chance to start Forex trading with low investment and double return. Start efficient Forex trading with Tradable Bonus 123% Campaign. Link:  123% Tradable Deposit Bonus Promotion Link:  $5 Forex No Bonus Promotion Ending Date:  31 December 2017 Available to:   New Clients only Bonus Offer: Get 123%

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories