Forex analytics and overview

GBP/USD – Breaks Key Support Amid Strong US Economic Figures

2024.02.07 04:21

MarketPulse

  • Traders pare fee lower expectations after sturdy US knowledge
  • UK households stay cautious with spending in December
  • GBP/USD breaks quadruple prime neckline

The US financial system goes from energy to energy, complicating the Federal Reserve’s intentions to chop rates of interest a number of instances this yr.

The jobs report on Friday was crimson sizzling, with the wages part notably problematic from a central financial institution perspective because it seems to be for additional proof that inflation is returning sustainably to focus on.

The providers PMI on Monday additional strengthened the picture of an financial system that’s getting stronger and stronger, not buckling beneath the strain of high-interest charges.

While the central financial institution can obtain its inflation goal with a powerful financial system, it’ll solely encourage policymakers to chop charges with excessive warning via concern of overheating the financial system and inflicting one other inflation headache.

UK knowledge then again continues to color the image of an financial system that’s flatlining, albeit with a decent labour market and powerful inflationary pressures. The BRC retail gross sales monitor highlighted the softness of spending through the vacation season, an indication of how cautious households are nonetheless being with their funds.

https://www.youtube.com/watch?v=SaooG0k7544

GBP/USD Breaks Important Support

had been consolidating over the past month and a half however the current US knowledge seems to have introduced that to an finish.

GBP/USD-Daily Chart

Source – OANDA

A transfer under 1.26 has damaged the neckline of a quadruple prime and now it’s testing that degree from under. A failure to interrupt again above could possibly be seen as affirmation of the preliminary breakout, reinforcing the bearish transfer.

GBP/USD-4-Hour Chart

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