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20 December 2024,02:11
Trade Of The Day
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20 December 2024, 02:11
* Sterling Slide: The pound sterling has slumped against the dollar, driven by robust U.S. employment data and a strong GDP report. Ahead of the New York session, reports highlighted a solid labor market and sustained economic expansion. Initial Jobless Claims for the week ending December 14 fell from 242K to 220K, outperforming the forecast of 230K. Additionally, the U.S. Bureau of Economic Analysis (BEA) announced that Q3 GDP growth hit 3.1%, surpassing the expected 2.8% and rising from 3% in Q2. Adding to the pound’s weakness, U.S. Treasury yields surged, with the 10-year note gaining seven basis points to 4.592%.
* Technical Breakout: GBPUSD was traded lower following prior breakout below the previous support level 1.25000. MACD which illustrate strong bearish momentum signal suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.23100. Conversely, a potential reversal is also to be expected and the price could head back towards 1.26700 after it breach back above the level 1.25000.
Looking ahead, investors will turn their attention to key U.S. data, including the Core PCE Price Index, set to be released later today.
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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27 December 2024, 02:21 Euro Falls in Light Holiday Session, Dovish ECB Outlook
26 December 2024, 02:15 Yen Falls Further Amid BoJ Uncertainty on Rate Hikes
24 December 2024, 02:10 Australian Dollar Struggles Following RBA Meeting Minutes
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