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Market Analysis and Forecasts


September 10, 2024



Major Currencies:
GBP/USD
Current Trend: Bearish

• Support Levels: 1.3117, 1.3055, 1.2973, 1.2848
• Resistance Levels: 1.3150, 1.3202, 1.3306

The GBP/USD pair is under pressure amid concerns over the UK labor market data and potential for a rate cut by the Bank of England. The probability of a cut remains low due to persistent wage growth and inflation in services, but the market remains cautious. U.S. data will play a critical role in the upcoming sessions.

• Forecast: GBP/USD is expected to remain bearish unless it breaks above the resistance at 1.3150. A breach below 1.3117 will open the door for further declines toward 1.3055 and possibly 1.2973.

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Market Analysis and Forecasts


September 10, 2024



Major Currencies:
GBP/USD
Key Points:

• UK GDP: Weak UK GDP data weighed on the pound.
• U.S. inflation: A decline in U.S. inflation could support the pound.
• Trading strategy: Similar to EUR/USD, focus on breakouts and breakdowns.
• Support levels: 1.3055, 1.3031, 1.2973, 1.2932, 1.2848, 1.2800
• Resistance levels: 1.3120, 1.3150, 1.3202, 1.3306

Forecast: The GBP/USD is also likely to be influenced by U.S. inflation data. However, the pound may also be impacted by UK economic data. Traders should monitor both U.S. and UK economic indicators for potential trading opportunities.





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Market Analysis and Forecasts


September 13, 2024



Major Currencies:
GBP/USD
The GBP/USD pair has been trending down due to weak UK economic data. The zero growth in July’s GDP and declining wage growth are fueling expectations of a potential rate cut by the Bank of England. If US inflation data shows continued strength, it may drive the dollar higher, putting more downward pressure on GBP/USD.

• Support Levels: 1.3012, 1.2973, 1.2932
• Resistance Levels: 1.3049, 1.3075, 1.3120
• Forecast: The GBP could decline further if UK data continues to disappoint, potentially testing support at 1.3012. However, weak US inflation data could provide relief and push the pair toward resistance at 1.3075 and possibly 1.3120.

Outlook: Bearish, with a downside risk as UK economic weakness outweighs potential dollar softness.






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Weekly Economic Calendar


September 16-20, 2024



Economic Focus This Week
Key Events:

• Wednesday (18 September 2024):
  • The UK released its CPI numbers a day before the Bank of England's rate decision.
  • U.S. Building Permits and Crude Oil inventory data were released.
  • The highly anticipated Fed rate decision was the main event of the day.
• Thursday (19 September 2024):
  • New Zealan's quarterly GDP and Australian employment numbers were released during the Asian session.
  • The Bank of England announced its rate decision during the London session.
  • U.S. weekly unemployment claims, the Philly Fed Manufacturing Index, and Existing Home Sales data were released.
• Friday (20 September 2024):
  • The Bank of Japan and People's Bank of China made key rate decisions in the Asian session.
  • UK Retail Sales data was released in Europe.
  • In North America, Bank of Canada Governor Tiff Macklem delivered a speech, followed by Canadian Retail Sales data.
  • ECB President Christine Lagarde and FOMC's Patrick Harker provided updates toward the end of the day.

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Market Analysis and Forecasts


September 17, 2024



Major Currencies:
GBP/USD
Current Situation: The GBP/USD pair is experiencing upward pressure and is currently trading at around 1.3121. The focus is on UK inflation data and the Bank of England's upcoming policy meeting.
Technical Analysis:

• Resistance Levels: 1.3150, 1.3202, 1.3231, 1.3306
• Support Levels: 1.3115, 1.3086, 1.3072, 1.3033

Forecast: The pair is currently trading near resistance levels at 1.3202 and 1.3231. A decisive break above these levels may lead to further gains, potentially reaching 1.3306. However, weakness could emerge if the GBP/USD fails to sustain above these resistances or if the upcoming UK inflation data disappoints. Support at 1.3115 and 1.3086 will be crucial for maintaining the current bullish trend.





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Market Analysis and Forecasts


September 18, 2024



Major Currencies:
GBP/USD

• Current Trend: GBP/USD is bullish, with the pound benefiting from a weak U.S. dollar and anticipation around the Federal Reserve meeting. However, traders remain cautious due to upcoming U.K. inflation data.
• Key Data: The BoE’s stance on rates and U.K. inflation will play a significant role in determining the future trajectory.
• Support Levels:
  • 1.3182
  • 1.3115
  • 1.3033
• Resistance Levels:
  • 1.3230 (near-term)
  • 1.3306 (medium-term)
• Forecast: The pair could test the resistance level at 1.3230 if U.S. economic data continues to disappoint. However, if the U.K. inflation report shows weaker numbers, a dip toward the 1.3115 support level is expected.

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Market Analysis and Forecasts


September 19, 2024



Major Currencies:
GBP/USD
The British pound is showing strength, trading around 1.3224 following an unexpected rise in UK core inflation to 3.6%, above expectations. This may complicate the Bank of England’s future rate-cutting plans. With the Fed meeting looming, the GBP/USD pair is likely to react to any surprises from the FOMC, particularly if the Fed opts for a more aggressive 50 bps rate cut.
Support Levels:

• 1.3127
• 1.3094

Resistance Levels:

• 1.3178
• 1.3260

Forecast:
A 50 bps cut by the Fed could push GBP/USD higher, targeting 1.3300. However, if the Fed opts for a 25 bps cut or maintains a hawkish outlook, the pair could retreat to 1.3100. The pound will also remain sensitive to any changes in the Bank of England’s outlook, especially on inflation.




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https://autorebateforex.com/market-news/market-analysis-and-forecast-for-september-19-2024/