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23 December 2024,02:34
Trade Of The Day
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23 December 2024, 02:34
* Dovish Note: 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: GBPJPY was traded higher following prior breakout above the previous resistance level 196.450. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely further extends its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 198.950. Conversely, a potential reversal is also to be expected and the price could head back towards 193.70 after it breach back below the level 196.45.
With Christmas week underway and limited significant economic data on the schedule, market sentiment is anticipated to drive market movements.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on UK and Japan 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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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
23 December 2024, 02:34 GBP/JPY Holds Strong Following BoJ’s Dovish Stance
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