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3 October 2024,02:11
Trade Of The Day
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3 October 2024, 02:11
* Flight To Safety: The GBPUSD pair continues to decline during early Asian trading as the US Dollar (USD) strengthens, fueled by rising safe-haven demand due to escalating conflict in the Middle East. On Tuesday night, Iran fired roughly 200 missiles, including ballistic ones, targeting Israel’s capital, Tel Aviv, in response to Hezbollah leader Hassan Nasrallah’s assassination. The situation remains tense, with Israeli Prime Minister Benjamin Netanyahu warning of retaliation, declaring that Iran had made a “grave mistake.” According to The New York Times, Israel is deploying more troops to escalate its ground operations in Lebanon. As tensions remain high, the Dollar is expected to stay supported as investors turn to safer assets. Moreover, upbeat U.S. economic data has further boosted demand for the Dollar, with the ADP Employment Change report for September showing 143,000 new jobs—beating the forecast of 120,000 and surpassing August’s revised figure of 103,000.
* Technical Breakout: : GBPUSD was traded lower while currently testing the support level 1.32500. MACD which illustrate bearish momentum signal suggest the pair to likely further extend its losses after it breaks below the level.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the support level 1.33350 after it breach below the level 1.34600. Conversely, a potential reversal is also to be expected and the price could head back towards 1.36150.
Looking ahead, investors’ attention will turn to Thursday’s key data releases, including the US ISM Services PMI for September, weekly Initial Jobless Claims, and the final S&P Global Services PMI, which are expected to provide additional direction for the markets.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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