Tag: GBP/USD

Daily F.X.Analysis, May 13 – UK GDP and Fed Chair Speak In Focus! 

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let’s wait for Fed Chair’s speech today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices continue to consolidate with in the same trading range of 9,000 – 8,600 level. The BTC/USD price prolongs restoration over $8,900 but declines below $9,000. Gains over $9,000 would open the way to barter with the resistance at $9,532. Bitcoin buyers are eventually rising from their hiding following a grisly four days.  The largest cryptocurrency has fought with improvement from the weekend lows at $8,100. Nevertheless, progress has been made towards $9,000 after the seller congestion zone at $8,900 was cleared. The BTC/USD is trading at $8,910, following a trivial improvement from a high of $8,979. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish

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Daily F.X. Analysis, May 11 – Stronger Dollar Sentiment Amid Positive NFP! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230.  BTC/USD – Daily Technical Levels Support Resistance  8,054       9,485 7,376      10,239 6,622 

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Daily F.X. Analysis, May 08 – Big Day, the U.S. Non-farm Payroll Ahead! 

The U.S. dollar lost its traction after the release of Unemployment Claims for last week. Around 3.1M people reported to file claims for jobless benefits from the U.S. on Thursday and weighed on the U.S. dollar. However, it’s going to be a busy day for the U.S. dollar in the wake of high impacted labor market figures, which are due during the U.S. session today.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD is on the verge of a major breakout over a key mark of resistance after it examined $9,400 once again during yesterday evening. All of the dominoes have apparently fallen into position for BTC/USD as it advances its third block reward splitting in 11 years, with several traders demanding that it will work as an impetus for the bull market. The major level of resistance to look out for is $9,550, as this begins back to the $20,000 top in December 2017 with denials occurring along the way at $13,150, $12,500, and $10,500. Being able to achieve a daily or weekly over $9,550 would imply a clear change in the market from May when Bitcoin dropped to as low as $3,850. If a move to the upside occurs this weekend, it will symbolize a period of bullish trading above the coming weeks with targets commencing to begin over $13,000. BTC/USD – Daily Technical Levels Support Resistance  9,332      10,367 8,669     10,739 8,297     11,403 Pivot Point 9,704 BTC/USD – Daily Forecast The BTC/USD

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Daily F.X. Analysis, April 16 – Brace for U.S. Jobless Claims Today! 

The U.S. .dollar is gaining bullish momentum in the wake of mixed retail sales data; however, on Thursday, the greenback could lose its bids during the U.S. trading hours if President Trump surprises markets by announces guidelines for an early restoring of the economy at a news conference on Thursday. While Trump said that we had passed the peak on new cases, and it’s fascinating. Let’s look at today’s analysis.  Economic Calendar         BTC/USD – Daily Analysis The BTC/USD has spent the week striving to profit from the fall it confronted during the previous week amid a drop from $7,441. The digital asset took a breather over $6,500 and even improved topping levels past $6,900.  Nevertheless, it has shifted increasingly challenging to maintain gains towards $7,000. For this purpose, another lower improvement on Wednesday pushed Bitcoin beneath various support levels of $6,800 and $6,600.  The bearish bias spread below $6,500 before obtaining cover at the 38.2% Fibonacci retracement mark taken within the last swing high at $10,567 to a swing low $3,854. A slight bounce from this mark catapulted BTC/USD over $6,600. However, the next short term, hurdle at $6,700, is still attaining in the way.  BTC/USD – Daily Technical Levels Support Resistance  6,644        6,881 6,552        7,027 6,315         7,264 Pivot Point 6,790 BTC/USD – Daily Forecast On Thursday, the BTC/USD price is holding around 6,643 area, bouncing off above the previously suggested support level of 6,577. This support level is

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Daily F.X. Analysis, April 15 – Eyes on U.S. Retail Sales and BOC Policy Decision! 

The greenback crawled lower, but gains in riskier currencies were capped as traders worried about company earnings and braced for Chinese trade data likely to show the full impact of the coronavirus health crisis on economic activity. Later today, eyes will remain on the U.S. retail sales and Canadian monetary policy decisions, which are expected to drive market movement during the U.S. session.   Economic Calendar        BTC/USD – Daily Analysis The International Monetary Fund (IMF) has issued a stark forecast that the worldwide economic slowdown triggered by ‘the great lockdown’ will get much worse before it gets better. The BTC/USD prices shifted distinctly to trade at 6,575 area, which marks as a double bottom on the 4-hour timeframe. Above this, the Bitcoin may show slight bullish correction until 6,850, but a violation of the descending triangle pattern along with bearish engulfing candle on the 4-hour timeframe is supporting bearish bias among traders. Today, chances of a bearish breakout remain strong; therefore, the bearish breakout of 6,577 level can extend selling until 6,170. BTC/USD is fighting to break above the next resistance level of $7,000 and $7,250 versus the U.S. Dollar. The bulls are gradually taking control, and they are anticipated to target $7,000. The Bitcoin failed to break the significant support level of around $6,550 on the hourly chart of the BTC/USD pair. The pair could improve distinctly towards the $7,100 support or $6,800. BTC/USD – Daily Technical Levels Support Resistance  6,761        6,962.9 6,666   

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Daily F.X. Analysis, March 30 – Risk Sentiment Remains Mixed – COVID19 In Play!  

The U.S. dollar closed a week with a bearish bias, and the safe-haven yen rose on Monday, as coronavirus lockdowns tightened across the world. Traders braced for an extended interval of uncertainty. The U.S. dollar soared versus its peer currencies, especially against the Sterling, Euro, Kiwi, and the Aussie. Sterling was last 0.7% softer at $1.2371; the Aussie slipped by nearly the same margin at $0.6134 while the euro was 0.5% weaker at $1.1082. Let’s look at the fundamental and technical outlook of the market.   Economic Calendar        BTC/USD – Daily Analysis The BTC/USD has plunged for the second time during the previous week, which has to lead its prices below $6,000 psychological level. Today’s pullback beneath the $6,000 mark seems to be the weekly and monthly close approach, and, probably, investors could also influence concerns that traditional financial markets such as forex and stock may start to correct itself on Monday, especially during the U.S. opening bell. Currently, the Bitcoin is trading at $6,217 has it managed to crossover a horizontal resistance level of 6,000 mark during the Asian session. Beneath $5,700, $5,350 is the following area of support, and under this level, investors will look to $4,446, where the price previously created a double bottom. It looks like most of the investors disregard Bitcoin’s weekend price action as trading volume reduces through this time. On Monday, the prices are gaining support and are likely to drive some bullish momentum in the market.  BTC/USD – Daily Technical Levels

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Daily F.X. Analysis, March 26 – U.K. Bank of England Rate Decision In Focus! 

On Thursday, the U.S. dollar has soared nearly 7% in the last 15 days, as concerns across the economic fallout of the coronavirus pandemic have pointed traders towards the U.S. dollar, often regarded as a haven of last resort. It has settled near multi-year highs despite the U.S. Federal Reserve’s attempts to facilitate a global deficit of dollars. Considering this, the U.S. Senate unanimously announced a $2.2 trillion emergency aid plan yesterday as the United States recorded over 200 coronavirus-related deaths. With this, the dollar is getting a bit weaker, and stock markets are gaining support.  Economic Calendar      BTC/USD – Daily Analysis The BTC/USD extends trading within the same trading range of 6,850 to 6,575. As the COVID-19 pandemic proceeds to display with terrible consequences beyond the globe, desperate measures to keep the economy floating continue to be steered by global governments.  Presently, the most striking illustration is the U.S., which lately announced an extensive quantitative easing plan and also entered an agreement for a $2 trillion stimulus program. The extensive quantitative easing means will cause the Federal Reserve to buy assets “in the quantities required to accommodate smooth market functioning.  Right after the decision was made, the leading cryptocurrency Bitcoin rallied nearly 10% from $6,300 to $6,900. At the moment, the BTC/USD has sunk to $6,630, and crypto markets have remained relatively stable during the day. BTC/USD – Daily Technical Levels Support Resistance 6,507        6,962 6,228       7,139 5,772       7,594 Pivot Point

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Daily F.X. Analysis, March 12 – European Central Bank Ready to Release 

The ECB remains in the highlights due to its monetary policy meeting and rate decision. Odds of rate change are pretty low, but considering the behavior of major central banks around the globe, traders are pricing in chances of a rate cut or further Q.E. to accommodate the economy against the Coronavirus. This can drive selling in the Euro today. Economic Calendar     BTC/USD – Daily Analysis The BTC/USD tanks further as the WHO reports the Coronavirus as a global pandemic. The BTC/USD remains exposed to drops, particularly with the strong resistance and weak support in court.  The cryptocurrency market, the stock exchange, and other worldwide markets are suffering in the wake of fears that the Coronavirus could become uncontrollable. The World Health Organization (WHO) has considered the deadly COVID-19 a global pandemic. This comes as countries take steps to either carry the virus or hold it at bay. The global financial markets remain to undergo troubles, including the BTC/USD.  The leading crypto has disappointed and failed to gain demand, especially in a situation of global emergencies such as the Coronavirus. Instead, the BTC/USD has extended to the tank bottom by the side with the other traditional businesses. BTC/USD – Daily Technical Levels Support     Resistance  7,617.2         7,973.43 7,426.55      8,139.01 7,070.32     8,495.24 Pivot Point 7,782.78 BTC/USD – Daily Forecast The BTC/USD continues to trade lower but mostly with in the same trading range that we spoke about earlier. It’s maintaining the 8,200 – 7,600

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