GBP USD dives to fresh weekly low eyes 1 0500 amid broad-based USD strength Gbpusd - Recession HEAD TOPICS
GBP USD dives to fresh weekly low eyes 1 0500 amid broad-based USD strength
10/21/2022 3:41:00 PM GBP USD dives to fresh weekly low eyes 1 0500 amid broad-based USD strength – by @hareshmenghani #GBPUSD #Recession #BOE #Fed #Currencies
Gbpusd Recession
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GBP USD dives to fresh weekly low eyes 1 0500 amid broad-based USD strength – by hareshmenghani GBPUSD Recession BOE Fed Currencies The GBP/USD pair continues losing ground through the early North American session and dives to a fresh weekly low, around the 1.1060-1.1065 region in The dismal UK macro data weigh on sterling and exert pressure amid resurgent USD demand.Aggressive Fed rate hike bets continue to push the US bond yields higher and underpin the buck.Diminishing odds for a full 100 bps BoE rate hike in November support prospects for further losses. The GBP/USD paircontinues losing ground through the early North American session and dives to a fresh weekly low, around the 1.1060-1.1065 region in the last hour.The sentiment surrounding the British pound remains bearish amid growing worries about a deeper economic downturn and the cost-of-living crisis. The fears were further fueled by Friday’s disappointing release of the UK Read more:
FXStreet News » GBP/USD Price Analysis: Struggles near weekly low, seems vulnerable below 1.1200 mark GBP/USD trims a part of intraday gains, struggles to find acceptance above 1.1300 mark AUD/USD bounces off low amid softer USD, upside potential seems limited Gold Price Forecast: XAU/USD dives to fresh three-week lows below $1,630 Snap Stock Slumps Premarket as Sales Growth Slows Advertisers Cut Spending
Shares plummeted 25% in premarket trading after Snapchat’s parent company said it was operating on an assumption there would be no revenue growth in the current quarter. Read more >> GBP/USD Price Analysis: Struggles near weekly low, seems vulnerable below 1.1200 markGBP/USD Price Analysis: Struggles near weekly low, seems vulnerable below 1.1200 mark – by hareshmenghani GBPUSD Politics Fed Technical Analysis Currencies GBP/USD trims a part of intraday gains, struggles to find acceptance above 1.1300 markGBP/USD trims a part of intraday gains, struggles to find acceptance above 1.1300 mark – by hareshmenghani GBPUSD Politics UnitedStates Majors Currencies AUD/USD bounces off low amid softer USD, upside potential seems limitedThe AUD/USD reverses an intraday dip to a three-day low and climbs back above mid-0.6200s in the last hour, though lacks any follow-through buying. A Gold Price Forecast: XAU/USD dives to fresh three-week lows below $1,630Gold futures accelerated their downtrend on Wednesday to reach fresh three-week lows right below $1,630. The yellow metal dives nearly 1.5% so far tod GBP/USD could return to 1.05 by year-end after failure at 1.15 – INGGBP/USD is trading close to weekly lows below 1.1200. Economists at ING believe that the pair could be back at 1.05 by year-end. EUR/GBP may struggle A combination of factors prompts aggressive selling around GBP/USD on the last day of the week.GBP/USD meets with a fresh supply on Friday and is pressured by a modest USD strength.Information on these pages contains forward-looking statements that involve risks and uncertainties.AUD/USD recovers early lost ground amid the emergence of some selling around the USD. The dismal UK macro data weigh on sterling and exert pressure amid resurgent USD demand. Aggressive Fed rate hike bets continue to push the US bond yields higher and underpin the buck. Weakness below the weekly low is needed to support prospects for further near-term losses. Diminishing odds for a full 100 bps BoE rate hike in November support prospects for further losses. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. The GBP/USD pair continues losing ground through the early North American session and dives to a fresh weekly low, around the 1.1200 mark, just a few pips above the weekly low touched the previous day.1060-1. A modest bounce in the US equity futures prompts some selling around the safe-haven US dollar, which, in turn, offers some support to the risk-sensitive aussie. 1065 region in the last hour. Apart from this, a generally weaker risk tone offers additional support to the safe-haven buck, which, in turn, is seen exerting some pressure on the GBP/USD pair. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The sentiment surrounding the British pound remains bearish amid growing worries about a deeper economic downturn and the cost-of-living crisis. The fears were further fueled by Friday’s disappointing release of the UK Retail Sales figures, which suggests that consumers are feeling the pinch of high inflation. The momentum, however, faltered ahead of a downward sloping trend-line resistance extending from late August. Apart from this, the relentless US dollar buying exerts additional downward pressure on the GBP/USD pair and contributes to the ongoing depreciating move. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. In fact, the USD Index, which measures the greenback's performance against a basket of currencies, rallies back closer to the monthly high and is supported by a combination of factors. That said, technical indicators on the daily chart are yet to confirm a bearish bias and warrant some caution. Apart from this, the softer Australian jobs report might also contribute to capping gains for the AUD/USD pair. The continuous rise in the US Treasury bond yields, bolstered by hawkish Fed expectations, turns out to be a key factor pushing the greenback higher. The overnight hawkish remarks by Philadelphia Fed President Patrick Harker reaffirmed bets for another supersized rate hike in November.1170 area, before positioning for any further depreciating move. The author makes no representations as to the accuracy, completeness, or suitability of this information. This, in turn, lifts the yield on the benchmark 10-year US government bond to its highest level since the 2008 financial crisis. This, along with a weaker risk tone, underpins the safe-haven buck.1100 mark. This, in turn, suggests that the path of least resistance for the GBP/USD pair is to the downside amid diminishing odds for a full 100 bps rate increase by the in November. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Apart from this, the Reserve Bank of Australia's (RBA) decision to slow the pace of policy tightening earlier this month suggests that the path of least resistance for the AUD/USD pair is to the downside. Hence, a subsequent decline, back towards the 1.1055-1.1000 psychological mark, remains a distinct possibility. Technical levels to watch . The GBP/USD pair could eventually drop to the 1.