GBPUSD InsightHello, subscribers!
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Key Points
- UK October CPI: Recorded at 2.3%, surpassing the market expectation of 2.2%.
- Fed Uncertainty: Mixed statements from recent Fed officials have increased uncertainty about Fed rate policy. FedWatch now reflects a 52.3% probability of a 25 bp rate cut at the December FOMC, nearly equal to the likelihood of holding rates steady.
- Ukraine Conflict: Ukraine, with UK-backed Storm Shadow missiles, launched another attack on Russian territory. However, reports of Russia signaling a willingness for a ceasefire have eased concerns over further escalation.
- NVIDIA Earnings: NVIDIA outperformed market expectations in both revenue and net profit for Q3.
Major Economic Calendar
- November 21: U.S. November Philadelphia Fed Manufacturing Index
- November 22: UK October Retail Sales, U.S. November Manufacturing PMI, U.S. November Services PMI
GBP/USD Chart Analysis
GBP/USD is showing a rebound from the 1.26000 level, climbing upwards. The pair is currently bouncing off the lower trendline of its upward trend, suggesting potential for further gains up to the 1.34000 level. However, if the price reverses and breaks below the lower trendline, it could signal a trend reversal. In such a case, a decline toward the 1.20000 level might be anticipated, necessitating a strategy adjustment.
