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FX Market analysis for Thursday 19/10/2023

October 19, 2023

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Gold price has entered a phase of bullish consolidation near $1,950, having reached an over two-month high at $1,963 on Wednesday. Gold buyers are biding time ahead of Thursday’s speech by US Federal Reserve Chair Jerome Powell, which will have a sigificant impact on the USD and XAU/USD price valuations…More (From Fxstreet)

Federal Reserve Chair Jerome Powell is set to deliver what could be a key policy address Thursday, in which he will be tasked with convincing markets the central bank is committed to keep hammering away at inflation, but perhaps now needs a little less force… More (CNBC)

GBP/USD is still extending the consolidation form 1.2036 and intraday bias stays neutral. On the downside, decisive break of 1.2036 will resume whole decline from 1.3141 for 1.1801 support next. However, break of 1.2336 will resume the rebound from 1.2036 to 55 D EMA (now at 1.2394)… More (actionforex)