Daily Analysis For GBP/USD 26-04-2023

Daily Analysis For GBP/USD 26-04-2023

GBP/USD Analysis
GBP/USD
Economic Events and Scenario for GBP/USD
Economic Events: -
GMTEventImpactCurrency
02:30(Australia) RBA Trimmed Mean CPI QoQHighAUD
02:30(Australia) RBA Weighted Median CPI YoYHighAUD
02:30(Australia) RBA Weighted Median CPI QoQHighAUD
02:30(Australia) Inflation Rate QoQMediumAUD
02:30(Australia) Inflation Rate YoYHighAUD
02:30(Australia) RBA Trimmed Mean CPI YoYHighAUD
02:30(Australia) CPIHighAUD
02:30(Australia) Monthly CPI IndicatorHighAUD
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 2-Year JGB AuctionLowJPY
05:30(Netherlands) Retail Sales YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:30(Euro Area) ECB Enria SpeechLowEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:30(United Kingdom) Labour Productivity QoQLowGBP
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:20(Euro Area) ECB Jochnick SpeechLowEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(United Kingdom) CBI Distributive TradesMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:00(Euro Area) ECB Guindos SpeechHighEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Non Defense Goods Orders Ex AirLowUSD
13:30(United States) Durable Goods Orders MoMHighUSD
13:30(United States) Durable Goods Orders ex Defense MoMHighUSD
13:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production 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
16:30(United States) 2-Year FRN AuctionLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 30-Year Bond AuctionLowCAD
18:00(United States) 5-Year Note AuctionLowUSD
18:30(Canada) BoC Summary of DeliberationsMediumCAD
Today's Scenario: - The GBP/USD currency pair is currently in the process of correcting itself towards a 38.2% Fibonacci retracement level, which is close to the 1.2420s. At the same time, it is facing resistance as the Greenback loses some ground after a resurgence on Tuesday.
Market sentiment has turned risk-averse due to concerns over the earnings of the banking sector, which has resulted in a stronger US Dollar. The DXY index, which measures the US dollar against a basket of currencies, has benefited from the risk-off flows and touched a high of 101.949.
Investors are advised to keep a close eye on market developments, particularly in the banking sector, as it could impact the overall market sentiment. Any changes in the US Dollar's value could affect the GBP/USD currency pair, making it essential for traders to stay updated with the latest news and analysis.
Buy Scenario: - If GBP/USD manages to settle below the 1.2390 level, it is expected to head towards the next support level at 1.2360. However, if the currency pair moves above the 1.2430 level, it will likely push towards the resistance at 1.2460.
Traders are advised to keep a close eye on market developments and to monitor any news related to the US dollar and the British pound. Any significant changes in market sentiment could affect the GBP/USD currency pair, making it essential for traders to stay informed with the latest news and analysis. Till we do not advise to buy GBP/USD.
Sell Scenario: - The GBP/USD currency pair experienced a decline towards the 1.2400 level as traders shifted their focus towards the rebound of the U.S. dollar. Recession worries have exerted significant pressure on the British pound, contributing to this decline. Till then we do not advise selling GBP/USD.
Support and Resistance Level: -
SupportResistance
S1 1.2361-R1 1.2481
S2 1.2314-R2 1.2554
S3 1.2240-R3 1.2601

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