Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
15 Mar 2023

GBP/USD Price Analysis: Further downside hinges on 1.2135 break and UK Budget

  • GBP/USD remains pressured after reversing from one-month high.
  • Convergence of 50-DMA, 23.6% Fibonacci retracement limits immediate downside.
  • Bullish MACD signals, upbeat RSI (14) keeps buyers hopeful.
  • UK Chancellor Hunt will deliver Budget speech in Parliament at 12:30 GMT.

GBP/USD bears struggle to keep the reins, after entering the ring the previous day, as the quote stays depressed around 1.2160 during early Wednesday. In doing so, the Cable pair grinds near the short-term key support confluence as traders await the UK Finance Minister (Chancellor) Jeremy Hunt’s annual budget speech.

Also read: UK Chancellor Hunt, hemmed in by debt, set to focus on growth in British budget

Apart from the convergence of the 50-DMA and 23.6% Fibonacci retracement level of the GBP/USD pair’s upside from November 2022 to February 2023, around 1.2135, the bullish MACD signals and upbeat RSI (14), not overbought, also favor the Cable pair buyers.

Even if the quote breaks the 1.2135 support confluence, the resistance-turned-support line from mid-February, around 1.2005 at the latest, adds to the downside filters.

It’s worth noting that the GBP/USD bears need validation from the 50% Fibonacci retracement level surrounding 1.1800 to retake control. That said, lows marked during January and in the last week, respectively near 1.1840 and 1.1805, act as additional supports to watch during the quote’s further downside.

On the flip side, February’s top surrounding 1.2270 precedes the 1.2300 and 1.2350 round figures to test the GBP/USD bulls before directing them to the yearly top, marked in February around 1.2450.

Overall, GBP/USD remains on the bull’s radar even if the pair snapped a four-day uptrend, as well as reversed from a one-month high, the previous day.

GBP/USD: Daily chart

Trend: Upside expected

 

Mar 15, 2023

USD/CHF looks capped below 0.9150 as US Inflation worries fade, US Retail Sales eyed

The USD/CHF pair is juggling in a narrow range below 0.9150 in the early Asian session. The upside in the Swiss Franc asset looks capped as the United
Read more Previous
Mar 15, 2023

GBP/JPY gains traction on risk-on mood, with traders eyeing BoJ Minutes, UK’s budget

GBP/JPY consolidates around the 163.00 figure after seesawing within a 380 pip range on a risk-off impulse spurred by the United States (US) banking s
Read more Next