Daily Analysis For GBP/USD 14-04-2023

Daily Analysis For GBP/USD 14-04-2023

GBP/USD Analysis
GBP/USD
Economic Events and Scenario for GBP/USD
Economic Events: -
GMTEventImpactCurrency
01:00(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - GBP/USD bulls took a break after reaching the highest levels in 10 months, hovering around 1.2520-30 in early Friday trading. The Cable pair has remained firm for the fourth consecutive day, having reached its highest point since March 2022 the day before, as buyers look for more signs to extend the recent upward trend.
GBP/USD was boosted by disappointing US inflation data, in contrast to mixed figures at home, which led to the recent climb to multi-day highs. However, cautious sentiment ahead of Friday's US Retail Sales for March, the Michigan Consumer Sentiment Index (CSI) for April, and the University of Michigan's (UoM) 5-year Consumer Inflation Expectations for the current month appears to be challenging the pair's buyers of late. Additionally, there are talks that Bank of England (BoE) hawks are running out of steam, which may also weigh on the pair's upside potential.
Buy Scenario: - GBP/USD is currently trading in the mid-1.2500s and experiencing a slight pullback from its 10-month high. The overbought RSI conditions are causing the bulls to reassess the chances of further upside, but they remain hopeful as the previous key resistance level of 1.2510-2500 has been clearly broken.
If the bulls can continue pushing the pair higher, the 61.8% and 78.6% Fibonacci Expansion levels at 1.2555 and 1.2615, respectively, may draw attention before the May 2022 high around 1.2665. However, the top line of a rising megaphone trend widening chart formation at 1.2690 may limit the pair's upside beyond 1.2665. Till we do not advise to buy GBP/USD.
Sell Scenario: - On the other hand, a convincing break below the 1.2500 round figure may attract intraday sellers. If the pair remains bearish, the lower line of the aforementioned megaphone at around 1.2395 may provide support before the key support levels of 1.2180-70 and 1.2015-05.
Overall, the GBP/USD pair is still favored by the bulls, despite the RSI conditions posing a challenge to the upside momentum in the near term. Till then we do not advise selling GBP/USD.
Support and Resistance Level: -
SupportResistance
S1 1.2488-R1 1.2547
S2 1.2453-R2 1.2572
S3 1.2429-R3 1.2607

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;