GBP/USD: Weekly Losses Amidst Challenging Market Conditions
GBP/USD: Weekly Losses Amidst Challenging Market Conditions
GBP/USD experienced a near-touch of the 1.2500 level on Friday but rebounded to close near 1.2570 on Monday, mitigating some of its losses. Despite the recovery, the pair marked weekly losses, putting an end to a three-week winning streak. Financial markets are navigating choppy waters early in the week, with investors preparing for key data releases.
The optimistic US November jobs report, revealing a rise in Nonfarm Payrolls to 199,000 and a decline in the Unemployment Rate to 3.7% from 3.9%, provided a lift to the US Dollar (USD) before the weekend.
From a technical perspective, the pair maintains a short-term bearish outlook. The current retracement in price suggests a potential rebound on the dynamic trendline in the H1 timeframe, signaling a resurgence in the downtrend.
The cautious market sentiment at the week's start supported the USD, preventing GBP/USD from gaining substantial traction.
Looking ahead, the UK's Office for National Statistics is set to release labor market data for October early on Tuesday, with expectations of a further softening in wage inflation. Later on Tuesday, the US economic docket will feature the pivotal Consumer Price Index (CPI) figures for November. Additionally, the Federal Reserve and the Bank of England will announce their monetary policy decisions on Wednesday and Thursday, respectively. The upcoming events are poised to influence market dynamics for GBP/USD in the days ahead.
Our preference
Short positions below 1.2620 with targets at 1.2500 & 1.2480 in extension.
GBP/USD experienced a near-touch of the 1.2500 level on Friday but rebounded to close near 1.2570 on Monday, mitigating some of its losses. Despite the recovery, the pair marked weekly losses, putting an end to a three-week winning streak. Financial markets are navigating choppy waters early in the week, with investors preparing for key data releases.
The optimistic US November jobs report, revealing a rise in Nonfarm Payrolls to 199,000 and a decline in the Unemployment Rate to 3.7% from 3.9%, provided a lift to the US Dollar (USD) before the weekend.
From a technical perspective, the pair maintains a short-term bearish outlook. The current retracement in price suggests a potential rebound on the dynamic trendline in the H1 timeframe, signaling a resurgence in the downtrend.
The cautious market sentiment at the week's start supported the USD, preventing GBP/USD from gaining substantial traction.
Looking ahead, the UK's Office for National Statistics is set to release labor market data for October early on Tuesday, with expectations of a further softening in wage inflation. Later on Tuesday, the US economic docket will feature the pivotal Consumer Price Index (CPI) figures for November. Additionally, the Federal Reserve and the Bank of England will announce their monetary policy decisions on Wednesday and Thursday, respectively. The upcoming events are poised to influence market dynamics for GBP/USD in the days ahead.
Our preference
Short positions below 1.2620 with targets at 1.2500 & 1.2480 in extension.
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