empty
 
 
29.10.2021 08:32 AM
GBP/USD breaking forecast on October 29, 2021

The pound sterling went up after the release of macroeconomic reports in the United States that missed market expectations. Thus, the Q3 GDP growth rate in the US slowed down to 4.9% from 12.2% y/y. The American economy expanded by 2% on quarter in Q3 2021, well below market forecasts of 2.7%. Based on several indicators published on a monthly basis, it has already been clear that the US economy is expanding faster than GDP data shows. It turned out that within the past two months, demand for the US dollar among investors was very high, and it became necessary to balance it, which led to a noticeable weakening of the greenback. At the same time, it could have been an even sharper drop, if not for jobless claims that came out better than market forecasts. In particular, initial claims decreased by 10K, well above market expectations of 6K. Meanwhile, continuing claims declined by 237K. The reading was projected to drop by 160K.

United States GDP Growth Rate:

This image is no longer relevant

Data on the UK's mortgage market is likely to exert pressure on the sterling today. Indeed, it accounts for at least one-fifth of the British economy. Anyway, mortgage approvals are estimated to drop to 71K versus 74.5K. At the same time, mortgage lending is projected to fall to GBP 5.1 billion from GBP 5.3 billion in the previous month. In other words, one of the key economic sectors in the US is slowing down. A possible increase in consumer credit by GBP 0.8 billion from GBP 0.4 billion in the previous month could hardly change anything. This data could only somehow offset negative consequences for the pound.

United Kingdom Mortage Approvals:

This image is no longer relevant

An attempt to reverse the trend failed as soon as the price returned in the resistance range of 1.3800/1.3830. The swing low as of October 18 is seen as a pivot point.

The 38.2 Fibonacci level confirms the pivot point, signaling a trading flat in the range of 1.3730/1.3830.

The Relative Strength Index (RSI) shows that the price is approaching the area of resistance by touching the overbought zone on the H1 chart.

On the daily chart, there is a downward trend that started in early June. A corrective move has not led to a reversal. As a result, the correction is being replaced by a flat.

Outlook:

The resistance zone of 1.3800/1.3830 is likely to continue exerting pressure on the pair, which could lead to a flat in the range of 1.3730/1.3830.

In terms of complex indicator analysis, technical indicators are signaling to sell the pair for short-term and intraday trading as the price has bounced from the resistance zone.

This image is no longer relevant

Dean Leo,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2023
Hot forecast for EUR/USD on June 9, 2023
The euro managed to appreciate significantly despite good US data, and it is quite possible that...
Author: Dean Leo
03:17 2023-06-09 UTC--4
1735
Hot forecast for GBP/USD on June 8, 2023
The pound obediently followed the euro, which, in turn, reacted sharply to the statements of European Central Bank officials, and today the...
Author: Dean Leo
03:21 2023-06-08 UTC--4
1750
Hot forecast for EUR/USD on June 7, 2023
It seems that only the European Central Bank is capable of changing the situation and finally initiating the long-awaited correction, as even macro data cannot do so.
Author: Dean Leo
03:25 2023-06-07 UTC--4
1630
Show more
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $1000 अधिक!
    में जून हम आकर्षित करते हैं $1000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback