The GBP/USD exchange rate wavered on Monday morning ahead of a busy week in which the Federal Reserve and the Bank of England (BoE) will start to cut interest rates.
The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
Most Recent
Bitcoin continued to consolidate around the $60,000 level as traders waited for the upcoming Federal Reserve interest rate decision.
While we did break above the 1.3150 level, we ended up giving back the gains and have closed the market with essentially what looks like a shooting star.
Top Forex Brokers
The AUD/USD pair was flat on Monday morning as traders continued focusing on the upcoming Federal Reserve and Reserve Bank of Australia (RBA) decisions.
The US dollar has broken significantly to the downside to reach towards the 0.84 level.
The first thing I see is that the 1.36 level continues to be very resistive.
It's easy to see that the US dollar falling against the Hungarian forint is something worth paying attention to.
The West Texas Intermediate Crude Oil market is that the $70 level has been like a brick wall.
Last week saw mixed sentiment and unexpectedly robust US CPI and PPI data, which cast doubt on the anticipated fast pace of approaching rate hikes by the Federal Reserve. This boosted the USD, although markets resumed moving in the direction of long-term trends by the end of the week.
Bonuses & Promotions
Trading in the GBP/USD last week was full of volatile reversals and since the last week of August the currency pair has proven difficult for traders looking to latch onto a trend and ride momentum.
WTI Crude Oil touched the 70.400 vicinity on Friday, which was a high for the week and challenged values seen the previous Friday.
Get the weekly Forex forecast for major currency pairs for the week of September 16-21, 2024 here.
The British pound has rallied rather significantly against the Swiss Franc as it looks like we are continuing to try to do something about the bullish flag that we had been in for a while.
The Euro had initially tried to rally during the trading session on Thursday, but it looks like the 1.80 level continues to offer significant resistance at this point in time.
Gold has exploded to the upside during trading on Thursday as we continue to see more risk on behavior as the US dollar gets dumped.