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British Pound/U.S. Dollar (^GBPUSD)

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British Pound/U.S. Dollar Futures Market News and Commentary

Dollar Gains with Higher T-Note Yields and Yen Weakness

The dollar index (DXY00) on Wednesday rose +0.16%.  The dollar on Wednesday recovered from a 1-1/2 week low and moved moderately higher.  Strength in T-note yields Wednesday boosted the dollar.  Also, weakness in the yen was positive for the dollar as the yen Wednesday fell to a 33-year low against the dollar. 

US Mar capital goods new orders nondefense ex-aircraft and parts, a proxy for capital spending, rose +0.2% m/m, right on expectations.

The markets are discounting the chances for a -25 bp rate cut at 3% for the next FOMC meeting on April 30-May 1 and 19% for the following meeting on June 11-12.

EUR/USD (^EURUSD) on Wednesday was unchanged.   The euro on Wednesday fell back from a 1-1/2 week high and finished little changed. Strength in the dollar Wednesday undercut the euro.  Also, divergence between the ECB and Fed is weighing on the euro, with the ECB expected to start cutting interest rates in June while the Fed delays rate cuts until later in the year. Read more

Commitment of Traders Positions as of Apr 16, 2024

View Chart Details
Commercials - Long / Short
129,957 (+33,761)
126,985 (+3,734)
Non-Commercials - Long / Short
71,800 (-8,200)
63,181 (+11,433)
Dealers / Intermediary - Long / Short
97,767 (+36,363)
7,382 (+23)
Asset / Manager - Long / Short
21,868 (-15,935)
115,774 (+1,793)
Leveraged Funds - Long / Short
75,606 (+6,113)
56,629 (+13,807)
Other Reportables - Long / Short
443 (+84)
4,308 (+608)

Price Performance

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Period Period Low Period High Performance
1-Month
1.22997 +1.30%
on 04/22/24
1.27092 -1.97%
on 04/09/24
-0.01771 (-1.40%)
since 03/25/24
3-Month
1.22997 +1.30%
on 04/22/24
1.28938 -3.37%
on 03/08/24
-0.02487 (-1.96%)
since 01/25/24
52-Week
1.20371 +3.51%
on 10/04/23
1.31427 -5.20%
on 07/14/23
+0.00488 (+0.39%)
since 04/25/23

Most Recent Stories

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^EURUSD : 1.06976 (-0.01%)
Elliott Wave Theory Suggests EURJPY Remains Bullish

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^EURJPY : 166.058 (-0.09%)
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^EURJPY : 166.058 (-0.09%)
Aussie Breaking Out Of A Triangle, Searching For Support

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^CADJPY : 113.259 (-0.10%)
AUDJPY Elliott Wave: Forecasting the Path

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^AUDJPY : 100.839 (-0.10%)
EURGBP Elliott Wave : Selling The Rallies at Blue Box Area

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^EURGBP : 0.85859 (+0.02%)

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Sell with a Weakening short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 1.25289
2nd Resistance Point 1.24994
1st Resistance Point 1.24817
Last Price 1.24600
1st Support Level 1.24345
2nd Support Level 1.24050
3rd Support Level 1.23873

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52-Week High 1.31427
Fibonacci 61.8% 1.27204
Fibonacci 50% 1.25899
Last Price 1.24600
Fibonacci 38.2% 1.24594
52-Week Low 1.20371

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