Free Forex Signals

GBP/USD pressures support below 1.21. Economists at Scotiabank analyze the pair’s outlook.CBI survey reflects weak retail backdrop

The CBI’s Distributive Trades Surveys for October reflected a sharp deterioration in retail activity this month. Retailers’ prospects look soft ahead of year-end. Sterling looks oversold on the basis of the intraday oscillator studies and it has found steady support on dips under 1.21 since the start of the month. But price action looks soft and a push to the low 1.20s appears to be the main, short-term risk for Cable. 

Resistance is 1.2120 and 1.2155.

 RECOMMENDED CONTENT

EDITORS’ PICKS

ECB policy announcements, US GDP data to shake the markets – LIVE

ECB policy announcements, US GDP data to shake the markets – LIVE

Investors brace for increased volatility on Thursday, with focus shifting to the European Central Bank (ECB) monetary policy announcements and the third-quarter GDP data from the US. Geopolitics could also play a role in driving the sentiment.

FOLLOW US LIVE 

EUR/USD remains vulnerable near 1.0550 ahead of ECB policy announcements

EUR/USD remains vulnerable near 1.0550 ahead of ECB policy announcements

EUR/USD is trading near 1.0550, on the defensive at weekly lows early Thursday, as traders await the European Central Bank (ECB)  interest rate decision. The expected ECB pause and a downbeat mood-led US Dollar demand undermine the pair. US Q3 GDP eyed as well. 

EUR/USD News 

GBP/USD drops to multi-week low below 1.2100 on stronger US Dollar

GBP/USD drops to multi-week low below 1.2100 on stronger US Dollar

GBP/USD is back under 1.2100 in early Europe on Thursday, extending this week’s decline from the vicinity of 1.2300. The pair is pressured by risk-aversion, in the face of Mideast tensions and surging US bond yields, which boost the US Dollar ahead of the key GDP release. 

GBP/USD News 

Gold price refreshes weekly top amid fears over Israel-Hamas war, US Q3 GDP in focus

Gold price refreshes weekly top amid fears over Israel-Hamas war, US Q3 GDP in focus

Gold price attracts some buyers for the second straight day amid geopolitical concerns. Bulls seem rather unaffected by rising US Treasury bond yields and a stronger US Dollar. Investors look to the Advance US Q3 GDP growth figures for some meaningful impetus.