
The G20 summit took place in Bali, Indonesia, on November 2022…
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GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
However, fundamental factors ruined that plans. The UK has published poor retail sales for August. Analysts forecasted the 0.5% growth, while the actual numbers showed a drop of 0.9%. Thus, the pair is moving back and forth near 1.3785 as technical and fundamental factors are opposite in the short term.
On Wednesday, the report revealed that the UK inflation reached a 9 year high in August, so the Bank of England can start taking actions earlier than the markets expect. The bank may start discussing the tightening: hint at hiking rates or cutting bond buys. If it happens, the GBP will surge.
The long lower tails signal us that bears were trying to push the price lower, but by the end of the sessions more bulls appeared, and they pushed the price higher. In other words, lower prices were rejected, so the price moved up. That’s why the price is likely to go up in the next session as well.
Thus, we might assume if the pair manages to close above the 23.6% Fibonacci retracement level of 1.3810, it may jump to the next round number of 1.3825 near the 38.2% Fibo level. Support levels are the recent lows of 1.3780 and 1.3750.
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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