Daily Analysis For GBP/USD 12-04-2023

Daily Analysis For GBP/USD 12-04-2023

GBP/USD Analysis
GBP/USD
Economic Events and Scenario for GBP/USD
Economic Events: -
GMTEventImpactCurrency
00:30(United States) Fed Kashkari SpeechMediumUSD
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
00:50(Japan) Machinery Orders MoMMediumJPY
00:50(Japan) Machinery Orders YoYMediumJPY
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
05:30(Netherlands) Balance of TradeLowEUR
05:45(Australia) RBA Bullock SpeechMediumAUD
06:00(Finland) Current AccountLowEUR
07:00(Lithuania) PPI YoYLowEUR
07:00(Lithuania) PPI MoMLowEUR
08:00(Slovakia) Construction Output YoYLowEUR
10:00(United Kingdom) 6-Year Index-Linked Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:10(Italy) 4-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
13:30(Euro Area) ECB Guindos SpeechHighEUR
14:00(Ecuador) Balance of TradeLowUSD
14:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
15:00(Canada) BoC Monetary Policy ReportHighCAD
15:00(Canada) BoC Interest Rate DecisionMediumCAD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:00(Canada) BoC Press ConferenceMediumCAD
16:30(United States) 17-Week Bill AuctionLowUSD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) FOMC MinutesHighUSD
19:00(United States) Monthly Budget StatementMediumUSD
20:15(United Kingdom) BoE Gov Bailey SpeechMediumGBP
Today's Scenario: - During the early hours of Wednesday, GBP/USD is trading near 1.2415-20 as the bulls struggle to maintain control. The Cable pair is benefiting from the broad US Dollar weakness and positive UK fundamentals, while also displaying a cautious stance ahead of the release of the US Consumer Price Index (CPI) for March and the Minutes of the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting. Additionally, investors will closely monitor a speech from Bank of England (BoE) Governor Andrew Bailey.
However, the latest Bloomberg headlines indicate that the labor market in Britain is no longer as tight as it used to be. According to the news, "The number of people available to work in the UK rose for the first time in two years, easing one of the tightest labor markets in more than a generation, a survey compiled by S&P Global showed."
Buy Scenario: - GBP/USD is showing slight gains around 1.2430, with investors keeping an eye on key events for the week, as Wednesday's London session begins.
The Cable pair struggles to maintain its recent uptrend from the descending trendline that was formed a week ago. However, the current bullish cross on the MACD and the pair's trading above the 100-SMA, combined with an upward-sloping trendline from March 24, provides some optimism to buyers.
As a result, buyers could set their sights on the Year-To-Date (YTD) high of 1.2525, which was reached earlier in April. The round figure of 1.2600 and the May 2022 peak of about 1.2665 would then become important levels to watch.
Sell Scenario: - On the downside, if GBP/USD breaks below the nearby resistance-turned-support line at around 1.2415, it could face intraday selling. In this case, the three-week-old support line and the 100-SMA at approximately 1.2370 and 1.2355, respectively, would come into focus.
It's important to note that the GBP/USD bears should remain cautious until seeing a daily closing below the one-month horizontal support zone, which is around 1.2200-2180.
Overall, GBP/USD remains in the bullish zone, despite the pre-data anxiety that has hampered upside momentum lately. Till then we do not advise selling GBP/USD.
Support and Resistance Level: -
SupportResistance
S1 1.2385-R1 1.2461
S2 1.2344-R2 1.2497
S3 1.2308-R3 1.2537

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