GBPUSD remains under pressure
Here are the updated key price levels in the GBP/USD intraday chart.
Share this:
The US Dollar was bullish against most of its major pairs on Friday with the exception of the CHF and EUR.
On the economic data front, Personal Income fell 4.2% on month in May (-6.0% expected), from a revised +10.8% in April. Personal Spending jumped 8.2% on month in May (+9.3% expected), from a revised -12.6% in April, marking a record high. The University of Michigan's Consumer Sentiment Index slipped to 78.1 on month in the June final reading (79.2 expected), from 78.9 in the June preliminary reading.
On Monday, no major economic data is expected.
The Euro was bullish against all of its major pairs. In Europe, in the Eurozone, M3 annual growth of money supply was 8.9% in May, compared with +8.7% forecast by economists and +8.2% (revised from +8.3%) the previous month. In Germany, import prices rose by 0.3% in May after a decline of 1.8% the previous month. Economists expected an increase of 0.4%. In France, June consumer confidence index rose to 97 from 93 the previous month and 95 expected.
The Australian dollar was bearish against most of its major pairs with the exception of the GBP.
The largest currency pair mover on Friday was the GBP/USD which dropped 82 pips to 1.2337. The pair has reached the downside target we set on Wednesday at 1.234. As the pair remains in a bearish trend channel we have updated key levels to watch in the trend. As long as the GBP/USD can remain below 1.239 resistance, look for a test of recent lows at 1.2315 and ultimately 1.2576 in extension.
Source: GAIN Capital, TradingView
Have a great weekend
On the economic data front, Personal Income fell 4.2% on month in May (-6.0% expected), from a revised +10.8% in April. Personal Spending jumped 8.2% on month in May (+9.3% expected), from a revised -12.6% in April, marking a record high. The University of Michigan's Consumer Sentiment Index slipped to 78.1 on month in the June final reading (79.2 expected), from 78.9 in the June preliminary reading.
On Monday, no major economic data is expected.
The Euro was bullish against all of its major pairs. In Europe, in the Eurozone, M3 annual growth of money supply was 8.9% in May, compared with +8.7% forecast by economists and +8.2% (revised from +8.3%) the previous month. In Germany, import prices rose by 0.3% in May after a decline of 1.8% the previous month. Economists expected an increase of 0.4%. In France, June consumer confidence index rose to 97 from 93 the previous month and 95 expected.
The Australian dollar was bearish against most of its major pairs with the exception of the GBP.
The largest currency pair mover on Friday was the GBP/USD which dropped 82 pips to 1.2337. The pair has reached the downside target we set on Wednesday at 1.234. As the pair remains in a bearish trend channel we have updated key levels to watch in the trend. As long as the GBP/USD can remain below 1.239 resistance, look for a test of recent lows at 1.2315 and ultimately 1.2576 in extension.
Source: GAIN Capital, TradingView
Have a great weekend
The US Dollar was bullish against most of its major pairs on Friday with the exception of the CHF and EUR.
On the economic data front, Personal Income fell 4.2% on month in May (-6.0% expected), from a revised +10.8% in April. Personal Spending jumped 8.2% on month in May (+9.3% expected), from a revised -12.6% in April, marking a record high. The University of Michigan's Consumer Sentiment Index slipped to 78.1 on month in the June final reading (79.2 expected), from 78.9 in the June preliminary reading.
On Monday, no major economic data is expected.
The Euro was bullish against all of its major pairs. In Europe, in the Eurozone, M3 annual growth of money supply was 8.9% in May, compared with +8.7% forecast by economists and +8.2% (revised from +8.3%) the previous month. In Germany, import prices rose by 0.3% in May after a decline of 1.8% the previous month. Economists expected an increase of 0.4%. In France, June consumer confidence index rose to 97 from 93 the previous month and 95 expected.
The Australian dollar was bearish against most of its major pairs with the exception of the GBP.
The largest currency pair mover on Friday was the GBP/USD which dropped 82 pips to 1.2337. The pair has reached the downside target we set on Wednesday at 1.234. As the pair remains in a bearish trend channel we have updated key levels to watch in the trend. As long as the GBP/USD can remain below 1.239 resistance, look for a test of recent lows at 1.2315 and ultimately 1.2576 in extension.
Source: GAIN Capital, TradingView
Have a great weekend
On the economic data front, Personal Income fell 4.2% on month in May (-6.0% expected), from a revised +10.8% in April. Personal Spending jumped 8.2% on month in May (+9.3% expected), from a revised -12.6% in April, marking a record high. The University of Michigan's Consumer Sentiment Index slipped to 78.1 on month in the June final reading (79.2 expected), from 78.9 in the June preliminary reading.
On Monday, no major economic data is expected.
The Euro was bullish against all of its major pairs. In Europe, in the Eurozone, M3 annual growth of money supply was 8.9% in May, compared with +8.7% forecast by economists and +8.2% (revised from +8.3%) the previous month. In Germany, import prices rose by 0.3% in May after a decline of 1.8% the previous month. Economists expected an increase of 0.4%. In France, June consumer confidence index rose to 97 from 93 the previous month and 95 expected.
The Australian dollar was bearish against most of its major pairs with the exception of the GBP.
The largest currency pair mover on Friday was the GBP/USD which dropped 82 pips to 1.2337. The pair has reached the downside target we set on Wednesday at 1.234. As the pair remains in a bearish trend channel we have updated key levels to watch in the trend. As long as the GBP/USD can remain below 1.239 resistance, look for a test of recent lows at 1.2315 and ultimately 1.2576 in extension.
Source: GAIN Capital, TradingView
Have a great weekend
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
AUD/USD hammered by US yields and fading RBA hike bets
US yields, dollar strength and fading RBA hike bets have combined to drive AUD/USD to fresh multi-month lows. The macro and technical bias remains bearish, although history suggests parts of the move are now reaching unusually stretched levels.
Japanese Yen Outlook: USD/JPY, GBP/JPY, AUD/JPY Setups
USD/JPY and GBP/JPY show signs of stabilising, while AUD/JPY remains vulnerable as yen crosses deliver mixed technical signals.
EUR/USD Forecast: Euro Struggles to Find Support Even After U.S. PCE Data
The euro continues to face a challenging environment in the short term. The currency has struggled to regain ground against a U.S. dollar that remains firmly supported, a dynamic reflected in EUR/USD, which has now recorded three consecutive losing sessions and a decline of roughly 0.6%.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.