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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 Slumps and Gold Rallies on Fed Rate Cut Hopes

The dollar index (DXY00) today is down by -0.26% and dropped to a 5-week low. Today’s US economic reports were dovish for the Fed and weighed on the dollar.  Today’s rally in the S&P 500 to a record high also curbed liquidity demand for the dollar. 

US Apr CPI eased to +3.4% y/y from +3.5% y/y in March, right on expectations.  Apr CPI ex-food and energy eased to +3.6% y/y from +3.8% y/y in March, right on expectations and the smallest increase in 3 years.

US Apr retail sales were unchanged m/m, weaker than expectations of +0.4% m/m.  However, Apr retail sales ex-autos rose +0.2% m/m, right on expectations.

The US May Empire manufacturing survey general business conditions index unexpectedly fell -1.3 to -15.6, weaker than expectations of an increase to -10.0.

The US May NAHB housing market index fell -6 to a 4-month low of 45, weaker than expectations of 50.

Hawkish comments Tuesday evening from Kansas City Fed President Schmid were supportive of the do... Read more

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
141,835 (-20,531)
108,865 (-9,941)
Non-Commercials - Long / Short
51,777 (+8,109)
73,590 (+932)
Dealers / Intermediary - Long / Short
116,839 (-20,683)
8,521 (+1,059)
Asset / Manager - Long / Short
17,984 (+8,470)
99,768 (-18,965)
Leveraged Funds - Long / Short
51,484 (-1,064)
63,547 (+8,155)
Other Reportables - Long / Short
419 (unch)
3,733 (-113)

Price Performance

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Period Period Low Period High Performance
1-Month
1.22997 +3.09%
on 04/22/24
1.26838 -0.04%
on 05/15/24
+0.02334 (+1.88%)
since 04/15/24
3-Month
1.22997 +3.09%
on 04/22/24
1.28938 -1.66%
on 03/08/24
+0.00784 (+0.62%)
since 02/15/24
52-Week
1.20371 +5.33%
on 10/04/23
1.31427 -3.53%
on 07/14/23
+0.01508 (+1.20%)
since 05/15/23

Most Recent Stories

More News
GBPCAD advances bullish sequence from equal leg

Hello traders. In this blog post, we will look at how (GBPCAD) advances bullish sequence from late 2023 after it bounced from an equal leg area. As you know, we analyze and trade 78 instruments with members...

^GBPCAD : 1.72433 (+0.31%)
USDX Elliott Wave: Forecasting the Decline from Equal Legs Area

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of Dollar Index, published in members area of the website. As our members know, USDX has ended...

EURUSD Elliott Wave: Forecasting the Rally from Equal Legs Area

Greetings fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of (EURUSD) , published in members area of the website. As our members know, EURUSD has...

^EURUSD : 1.08734 (+0.50%)
Elliott Wave Expects $AUDUSD to Break Higher

Short Term Elliott Wave in (AUDUSD) suggests the pullback to 0.636 ended wave (2). The pair has turned higher in wave (3) with internal subdivision in 5 waves in lesser degree. Up from wave (2), wave...

^AUDUSD : 0.66859 (+0.89%)
Elliott Wave Analysis on USDJPY Recovery Post BOJ Intervention

(USDJPY) has been in a roller coaster in the last few weeks due to the Bank of Japan (BOJ) Intervention. In this article, we will look at the short term Elliott Wave path for the currency post the intervention....

^USDJPY : 154.985 (-0.92%)
Our currency playbooks for the day session

We present our forex and currency futures playbooks

Stock Furtures Trade Higher While Traders Are Concnered About The BOE's Next Policy Move. Gold and Oil Prices Struggle For Direction

European markets and US futures are trading higher while investors wait for the two most important events to unfold, and one of them will very much shape trading activity for the rest of the month.

Five Things To Watch in Grain Markets in 2024

Find out what experts are watching for in the grain markets in the coming year with this article.

EURGBP Perfectly Reacting Lower From Blue Box Area

In this technical blog, we are going to take a look at the past performance of (EURGBP) 4-Hour Elliott wave Charts that we presented to our members. In which, the decline to 2/14/2024 low took place as...

^EURGBP : 0.85798 (-0.15%)
Elliott Wave Analysis on EURJPY Expects Support Soon

Short Term Elliott Wave View on (EURJPY) suggests the rally from 12.7.2023 low is in progress as a 5 waves. Up from 12.7.2023 low, wave 1 ended at 163.71 and pullback in wave 2 ended at 160.21. Pair extended...

^EURJPY : 168.523 (-0.43%)

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 32% Buy with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 1.27033
2nd Resistance Point 1.26480
1st Resistance Point 1.26201
Last Price 1.26741
1st Support Level 1.25369
2nd Support Level 1.24816
3rd Support Level 1.24537

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52-Week High 1.31427
Fibonacci 61.8% 1.27204
Last Price 1.26749
Fibonacci 50% 1.25899
Fibonacci 38.2% 1.24594
52-Week Low 1.20371

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