The GBPUSD delivered a swift move lower on Friday as financial institutions were forced to consider stronger-than-expected U.S jobs numbers: Forex Trading
The USD remained rather weak on Wednesday and Thursday following the Federal Reserve’s pronouncements. The Bank of England added to the stature of the GBP/USD on Thursday, when the British central bank raised the Official Bank Rate to 4.00% with an increase of 0.50% as predicted. However, by mid-Thursday, there were signs of nervous selling building in the GBP/USD as it began to touch key technical support.
Tomorrow’s opening in the GBP/USD will be important and will demonstrate whether or not financial houses have regained their breath and will stop selling the GBP/USD, or if trading houses will continue to show nervousness and take the currency pair lower.may have given a large clue on Wednesday that many trading institutions did not take seriously, when the U.S central bank expressed concern about economic momentum in the U.S not showing enough deflationary pressure.
The question for bullish traders of GBP/USD is if the move lower which actually started mid-day on Thursday and then built up strong selling power on Friday will continue, or if financial houses will start to buy the GBP/USD and create a more tranquil trading ground. Behavioral sentiment proved late last week that it can shift quickly and produce a rapid change of direction.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Forecast: Gets Hammered to Form a Potential Double TThe GBP/USD has fallen during the trading session on Thursday, as the Bank of England continues to see headwinds down the road.
Read more »
GBP/USD tumbles to the 1.2100 zone as Dollar jumps on upbeat NFPThe GBP/USD tumbled from 1.2250 to 1.2100, reaching the lowest level in three weeks after the NFP. During the last hour, it rebounded modestly rising
Read more »
GBP/USD collapses to new 4-week lows at 1.2059 after robust US economic dataGBP/USD nosedives and extended its losses past the 50 and 200-day Exponential Moving Average (EMA) on Friday after a surprisingly strong jobs report f
Read more »
Pairs in Focus This Week \u2013USD/JPY, EUR/USD, GBP/USD, AUD/USDGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of February 5th, 2022 here.
Read more »
Gold Price Forecast: Upside risk to XAU/USD forecast of $1,850 at year’s end – CommerzbankGold price surged by $30 immediately after the Fed’s meeting on Wednesday evening and reached $1,960 the following day. Economists at Commerzbank see
Read more »
Daily horoscope for February 3, 2023Horoscopes: If you're a cancer, keep an eye on your money, mortgage arrangements and debt, because something unusual might suddenly impact these areas.
Read more »