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Daily FX Analysis – GBP/USD, EUR/USD dip, Aussie drops, USD/CAD recovers.
Introduction
GBP/USD retreats near 1.2680 ahead of the US Fed’s rate decision amidst market caution amid Middle East tensions. With the Fed expected to maintain rates and the Bank of England’s commitment to restrictive policies, risk aversion boosts the US Dollar. Meanwhile, EUR/USD faces selling pressure, the Australian Dollar weakens on softer inflation and USD/CAD recovers above 1.3400 amid robust US economic data. The global market awaits key central bank decisions and economic indicators.Markets In Focus Today – GBP/USD
GBP/USD Edges Lower To Near 1.2680 Ahead Of US Fed Interest Rate Decision.
GBP/USD declines on market caution due to the Middle East tension. Fed is expected to keep interest rate unchanged at 5.5% in January’s meeting. BoE is expected to maintain a prolonged period of restrictive monetary policy to curb inflation. GBP/USD extends its losses for the second consecutive session on Wednesday, inching lower to near 1.2680 during the Asian session. The risk aversion sentiment drives Investors towards the US Dollar (USD), which undermines the GBP/USD pair. US President Joe Biden has communicated that the United States will respond in a tiered approach to a specific situation following the deadly drone attack on US troops near the Jordan-Syria border.Technical Overview With Chart :
Moving Averages :
Exponential :
- MA 10 : 1.27 | Negative Crossover | Bearish
- MA 20 : 1.27 | Negative Crossover | Bearish
- MA 50 : 1.26 | Positive Crossover | Bullish
Simple :
- MA 10 : 1.27 | Negative Crossover | Bearish
- MA 20 : 1.27 | Negative Crossover | Bearish
- MA 50 : 1.27 | Positive Crossover | Bullish
Stochastic Oscillator : 51.85 | Buy Zone | Neutral
Resistance And Support Levels :
- R1 : 1.28 R2 : 1.29
- S1 : 1.26 S2 : 1.25