empty
 
 
23.11.2022 08:12 AM
Breaking forecast for GBP/USD on November 23, 2022

Since the US dollar is extremely oversold, the market urgently needs a correction. On Monday, there were prerequisites for this. However, the market returned to its previous quite high levels. This proves that the market needs at least a minor reason to start a correction. However, Germany's macroeconomic reports are unlikely to alter the market picture.

Meanwhile, preliminary estimates on business activity, which will be disclosed today, will have a considerable influence on the market. Judging by the forecast, the expected data may cause a partial correction. In the UK, forecasts are quite gloomy. Thus, the manufacturing PMI may decline to 45.6 points from 46.2 points. The services PMI is likely to drop to 47.6 points from 48.8 points. As a result, the composite PMI may slide to 47.5 points from 48.2 points, thus causing a decrease in the pound sterling.

UK Composite PMI

This image is no longer relevant

In the US, forecasts are more positive. Although the manufacturing PMI is expected to slide to 50.1 points from 50.4 points, the services PMI may increase to 49.3 points from 47.8 points. Thus, the composite PMI may rise to 49.5 points from 48.2 points.

US Composite PMI

This image is no longer relevant

However, the greenback's appreciation is likely to be capped by the unemployment claims report. The overall number of claims may increase by 13,000. The number of initial claims may rise by 6,000, whereas the number of continuing claims is likely to add 7,000. The data will be published today since tomorrow, the US will celebrate Thanksgiving Day.

US Continuing Claims

This image is no longer relevant

The pound/dollar pair has been hovering within the sideways channel of 1.1750/1.1950 for a week already. Although the range is wide, the pair remains stagnant. The range was formed when the pair was rising from the low of the downtrend.

On the four-hour chart, the RSI technical indicator is hovering along the mid line 50, which proves stagnation. On the daily chart, the indicator is in the upper area of 50/70, which points to an upward cycle.

On the four-hour chart, the Alligator's MAs are intersecting each other, which corresponds to the sideways movement. On the daily chart, the indicator is ignoring the flat movement. That is why MAs are headed upward.

This image is no longer relevant

Outlook

Under the current conditions, traders should remain focused on the limits of the range. It means that the price rebound from either limit is a temporary strategy. The breakout approach is still the main one as it may indicate a further movement of the quote.

In terms of the complex indicator analysis, we see that in the short-term and intraday periods, the indicators are providing mixed signals. In the mid-term period, indicators are pointing to an upward cycle.

Dean Leo,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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