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
Trading news
Back
12 Aug 2020

GBP/USD remains depressed, holds above 1.3000 mark post-US CPI

  • GBP/USD failed to capitalize on the UK GDP report-led intraday uptick.
  • Even a modest USD pullback from highs failed to impress bullish traders.
  • The latest US consumer inflation figures did little to provide any impetus.

The GBP/USD pair dropped to fresh weekly lows during the mid-European session, with bears now looking to extend the downfall further below the key 1.3000 psychological mark.

The pair failed to capitalize on its intraday bounce, instead met with some fresh supply near the 1.3065 region and drifted into the negative territory for the second straight session on Wednesday. The early uptick was sponsored by better-than-expected UK GDP report and a modest intraday US dollar pullback.

Despite hopes of a US economic recovery, the greenback struggled to preserve its early gains amid uncertainty over the next round of the US fiscal stimulus measures. Even some strong follow-through uptick in the US Treasury bond yields failed to impress the USD bulls or provide any impetus to the GBP/USD pair.

Meanwhile, the latest leg of a sudden drop over the past hour or so lacked any obvious fundamental catalyst and could be solely attributed to some technical selling. However, it will be prudent to wait for some strong follow-through selling before traders start positioning for an extension of the recent pullback from multi-month tops.

On the economic data front, the headline US CPI rose 0.6% MoM in July as compared to 0.3% anticipated, while the yearly rate also surpassed consensus estimates and came in at 1% during the reported month. Meanwhile, core CPI (excluding energy and food costs) rose 0.6% and 1.6% on a monthly and yearly basis, respectively.

The data did little to influence the GBP/USD pair's momentum, warranting some caution for bearish traders. Hence, it will be prudent to wait for some follow-through selling below the 1.3000 mark before positioning for any further near-term depreciating move.

Technical levels to watch

 

Aug 12, 2020

US Treasury Sec. Mnuchin: Trump would like to do capital gain tax cut

US President Donald Trump would like to do a capital gains tax cut, US Treasury Secretary Steven Mnuchin told Fox Business on Wednesday and added that
Read more Previous
Aug 12, 2020

Gold Price Analysis: Rapid recovery rams through tough resistance, levels – Confluence Detector

Gold has staged a remarkable recovery, rising some nearly $90 from the lows – yet after crashing around $200 from the all-time highs of $2,075. Higher
Read more Next