GBP/USD Price Analysis: Poised To Challenge The 1.2000 Mark
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GBP/USD fell to 1.2051, a seven-month low Tuesday as speculative interest rushed into the safe-haven US Dollar. The American currency rallied on renewed speculation the United States (US) Federal Reserve (Fed) will maintain its aggressive posture on monetary policy, as inflation remains “too high,” according to different officials, while the labor market remains tight.
On Tuesday, the Bureau of Labor Statistics (BLS) reported that the number of job openings on the last business day of August stood at 9.6 million, much higher than the 8.8 million anticipated. The headline spurred risk aversion, and Wall Street nose-dived as government bond yields soared, reflecting investors’ concerns. Additionally, the US reported that IBD/TIPP Economic Optimism plunged to 36.6 in October from 43.2 in the previous month.
Market players will keep an eye on the September S&P Global Services and Composite PMIs, which will be out on Wednesday. The UK Services PMI is expected to be confirmed at 46.8, while the Composite index is foreseen at 47.2. Across the pond, the US will publish the September ADP Employment Change, predicted at 1.53K, and the official ISM Services PMI, anticipated at 53.6 in September.
GBP/USD technical outlook
The GBP/USD pair trades around 1.2080 mid-American afternoon, meeting sellers at around the 1.2100 threshold. The 1.2000 threshold is the next potential bearish target and is a strong psychological barrier. Significant stop loss should accumulate below the figure, and if those get triggered, the slide could accelerate towards the 1.1900 figure.
GBP/USD
OVERVIEW | |
---|---|
Today last price | 1.208 |
Today Daily Change | -0.0007 |
Today Daily Change % | -0.06 |
Today daily open | 1.2087 |
TRENDS | |
---|---|
Daily SMA20 | 1.2347 |
Daily SMA50 | 1.2574 |
Daily SMA100 | 1.2619 |
Daily SMA200 | 1.2436 |
LEVELS | |
---|---|
Previous Daily High | 1.222 |
Previous Daily Low | 1.2086 |
Previous Weekly High | 1.2272 |
Previous Weekly Low | 1.2111 |
Previous Monthly High | 1.2713 |
Previous Monthly Low | 1.2111 |
Daily Fibonacci 38.2% | 1.2137 |
Daily Fibonacci 61.8% | 1.2169 |
Daily Pivot Point S1 | 1.2042 |
Daily Pivot Point S2 | 1.1998 |
Daily Pivot Point S3 | 1.1909 |
Daily Pivot Point R1 | 1.2176 |
Daily Pivot Point R2 | 1.2265 |
Daily Pivot Point R3 | 1.2309 |
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