Daily Analysis For GBP/USD  24-04-2023

Daily Analysis For GBP/USD 24-04-2023

GBP/USD Analysis
Economic Events and Scenario for GBP/USD
Economic Events: -
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(Lithuania) Industrial Production MoMLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
09:30(Slovenia) Business ConfidenceLowEUR
13:30(Canada) New Housing Price Index MoMMediumCAD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(United States) Chicago Fed National Activity IndexMediumUSD
13:30(Canada) Wholesale Sales MoMLowCAD
14:00(Belgium) Business ConfidenceLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:30(United States) Dallas Fed Manufacturing IndexMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - The GBP/USD pair has rebounded strongly above 1.2440 during the early Tokyo session, and investors are optimistic about further rate hikes from the Bank of England (BoE), leading to a potential extension of the Cable's recovery.
In a recent interview with The Times, BoE Deputy Governor Dave Ramsden expressed concerns about the risk of high inflation becoming entrenched in the economy. He noted that there were still indications of persistently high inflation. However, the latest UK Retail Sales data released on Friday was disappointing, as it contracted more than expected. In March, monthly Retail Sales fell by 0.9%, whereas market expectations were for a contraction of 0.5%. The UK's persistent inflation has significantly affected retail demand among households.

Buy Scenario: - If the recovery continues and GBP/USD breaks above the April 13 high at 1.2537, it may reach a fresh 10-month high at 1.2597, which was last seen on June 8, 2022. If it breaches that level, the asset may face resistance at the May 27 high at 1.2667. Till we do not advise to buy GBP/USD.

Sell Scenario: - On the downside, a drop below the April 10 low at 1.2345 may expose the asset to the March 30 low at 1.2294, followed by the March 27 low at 1.2219. Till then we do not advise selling GBP/USD.

Support and Resistance Level: -
S1 1.2390-R1 1.2471
S2 1.2338-R2 1.2500
S3 1.2308-R3 1.2552


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