GBP/USD may hold below 1.2447 for now, but analysts at Credit Suisse look for an eventual break higher.
Only below the 1.1841 January low would be seen to mark a decisive reversal lower
“GBP/USD is still capped below the 1.2445/47 highs of December. We see scope for further consolidation beneath here.”“Big picture, we look for an eventual break above 1.2447 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.”
“Support is seen at 1.2263 initially, then the 55DMA, currently at 1.22156 which we look to try and hold.”“Only below the 1.1841 January low would be seen to mark a decisive reversal lower and the completion of a bearish ‘double top’, which is not our base case.”
EUR/USD rises toward 1.0900 after weak US employment data
EUR/USD has gained traction and advanced toward 1.0900 on Wednesday. After the data published by ADP showed that employment in the US private sector grew at a much softer pace than expected in January, the US Dollar came under renewed selling pressure.
GBP/USD holds steady above 1.2300, eyes on Fed
GBP/USD is trading modestly higher on the day above 1.2300 with the US Dollar struggling to find demand after weak ADP employment data. Market participants await the ISM Manufacturing PMI data ahead of the Fed’s highly-anticipated policy announcements.
Gold price rises to $1,930 as US yields edge lower
Gold price has gained traction and advanced to the $1,930 area on Wednesday. Ahead of the ISM PMI data and the Fed’s policy announcements from the US, the benchmark 10-year US T-bond yield is down nearly 1% on the day below 3.5%, helping XAU/USD push higher.
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