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Inflation, exchange rates, and the economy shape the policy decisions of central banks; the attitudes and words of central bank officials also influence the actions of market traders.
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Based on the alignment of fundamental, technical, and sentiment factors, we believe that the GBPUSD bears are in control, and it is a good time to look for opportunities to go short. The rejection of the broken support turned into resistance and a 50% FIB level provides a good opportunity to enter a short position. Traders can consider waiting for a bearish entry signal at this level before entering a short position.
1.19254
Entry Price
1.16500
TP
1.20200
SL
94.6
Pips
Loss
1.16500
TP
1.20264
Exit Price
1.19254
Entry Price
1.20200
SL
The Canadian dollar weakened as the Bank of Canada left interest rates unchanged. This comes a day after a convincing break above last December's high of 1.3700 on the USDCAD marking the end of a flag consolidation in the daily chart. In the hourly chart, 1.3750 is the nearest support level and 1.3630 at the bottom of the current spike is a key level to keep the momentum going. If it continues to rise, the pair will test the five-month high of 1.3977 on the back of the current resistance-turned-support (1.3800).
1.38500
Entry Price
1.35070
TP
1.39800
SL
73.6
Pips
Profit
1.35070
TP
1.37764
Exit Price
1.38500
Entry Price
1.39800
SL
USDJPY encountered some supply pressure on Thursday due to a variety of factors. Recession fears favored the safe-haven JPY, which in turn weighed on the pair amid a modest decline in the USD. The market will now focus on the Bank of Japan's second monetary policy statement of the year to be released on March 10. More risky events should help investors determine the pair's next move.
136.800
Entry Price
131.700
TP
139.000
SL
213.5
Pips
Profit
131.700
TP
134.665
Exit Price
136.800
Entry Price
139.000
SL
In US history, every inverse by over 100bp in the 2y-10y treasury bond yields has resulted in recessions.
1805.00
Entry Price
1835.00
TP
1775.00
SL
--
Pips
EXPIRED
1775.00
SL
1893.98
Exit Price
1805.00
Entry Price
1835.00
TP
The GBPUSD held steady below 1.1840. The market's bet on the Fed's more aggressive interest rate hike supported the USD and became a negative factor for the GBPUSD. The risk of an economic recession is beneficial to USD bulls and supports the prospect of further decline of major currencies.
1.18257
Entry Price
1.14150
TP
1.21000
SL
274.3
Pips
Loss
1.14150
TP
1.21001
Exit Price
1.18257
Entry Price
1.21000
SL
After the Federal Reserve chairman gave testimony in the Senate, the U.S Dollar Index (USDX) tested close to its highest level since early December of 106.00. For now, volatility should remain high and the risk balance in the market is expected to continue to tilt upwards. The focus of today's market will be on testimony 2.0 (the chairman of the Fed testifies in the House of Representatives). Meanwhile, the U.S. ADP employment change in February will be seen as a new driver.
105.722
Entry Price
107.120
TP
104.000
SL
172.2
Pips
Loss
104.000
SL
103.998
Exit Price
105.722
Entry Price
107.120
TP
USD may continue to be strong in the near term, but its strength will fade in the medium- to long- term according to the economic fundamentals.
105.708
Entry Price
103.800
TP
107.800
SL
26.6
Pips
Profit
103.800
TP
105.442
Exit Price
105.708
Entry Price
107.800
SL
Warren Takunda
Analyst
Warren Takunda, a seasoned finance leader specializing in the Middle East, is a trusted senior analyst with a proven track record. As head of the finance team, he excels in financial planning, analysis, and reporting. Warren's expertise in financial modeling and investment analysis delivers valuable insights to clients.
Ranking
3
Articles
652
Win Rate
52.82%
P/L Ratio
0.91
Focus on
XAUUSD, EURUSD, GBPUSD
Aussie Dollar Gains Traction as Inflation Surprise Derails Rate Cut Bets
TRADINGKiwi Dollar Catches a Bid on Easing US Dollar, Risk Appetite Recovery
PENDINGPound Sterling Stages a Comeback: A Flight to (Relative) Stability?
TRADINGSterling Stumbles: Will CHF Capitalize on BOE Dovish Bets?
LOSS -90.0 PipsEURUSD Stuck in Purgatory: Will Bulls or Bears Claim Victory?
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