Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair's bullish attempts to complete its ascending channel lacks strong momentum, which explains the recent performance of the currency pair, which has settled around the 1.3725 support level.

The price is bearish below $1.1623.

The British pound fell significantly on Wednesday only to turn around and show signs of life again.

The euro rallied a bit on Wednesday as we continue to hang around the 1.16 level.

The Parisian CAC Index initially pulled back on Wednesday but found enough buyers underneath to turn around and form a bit of a hammer.

The NASDAQ 100 rallied a bit on Wednesday to make another all-time high.

The S&P 500 went back and forth on Wednesday as we continue to hover near all-time highs.

Gold markets fluctuated on Wednesday again as we continue to hang around the 200-day EMA.

Silver markets fluctuated on Wednesday as we continue to see plenty of noisy trading just below the 200-day EMA.

Bitcoin pulled back on Wednesday to slice through the $60,000 level.

The West Texas Intermediate Crude Oil market showed itself to be somewhat resistant to break above the $85 level, but it is probably only a matter of time before we clear that psychologically important figure.

The Bank of Canada had an interest rate announcement on Wednesday, but the most important thing to take away from the meeting is that interest rate hikes may be coming quicker from Ottawa than originally anticipated.

The GBP/USD tilted lower as investors reflected to the budget speech by Rishi Sunak and the relatively strong US durable goods orders.

The BTC/USD pair retreated in the overnight session as the momentum about the Bitcoin ETF faded and the US dollar rebounded.

Since the beginning of this week's trading, the EUR/USD is still stable around the 1.1600 level, looking for catalysts to get out of the general bearish trend.