Forex Daily Forecast, Analysis and Prediction

The GBP/USD exhibited a roller-coaster performance in the early trading hours on Friday, initially taking a nosedive before displaying resilience and bouncing back.

During the trading session on Friday, gold exhibited a rather tepid performance, maintaining its position around the pivotal $2000 mark.

After making an initial attempt to rally, the euro experienced a notable decline, steering the market towards bearish sentiment.

In the recent trading session, the USD/JPY experienced a notable decline against the Japanese yen, with the ¥150 level emerging as a focal point for market participants.

The GBP/USD exchange rate remained in a tight range in the past few days as traders wait for the upcoming Federal Reserve and Bank of England (BoE) interest rate decisions.

The EUR/USD exchange rate reacted mildly to last week’s European Central Bank (ECB) decision and the latest US PCE inflation numbers.

The AUD/USD pair was under pressure on Monday morning as investors reacted to the ongoing fears in the market.

Bitcoin continues to be strong as ETF approval draws closer.

Stock markets fell this week on expectations of higher US rates, and fears that the war between Hamas and Israel will widen into a full-scale conflict involving other actors, potentially including the USA.

Early trading last week in the EUR/USD saw bullish gains and a high for the month, only to see the currency pair once again get hit by bearish momentum and a return to lower depths.

The GBP/USD closed trading for the week slightly above lows made on Thursday, this as the currency pair continues to struggle with bearish forces.

This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.

Get the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of October 29th, 2023 here.

In the early trading hours of Thursday, the British pound took a significant dip, only to make a swift recovery, showing signs of resilience.

The British pound exhibited initial signs of weakness during Thursday’s trading session, dropping slightly before finding support around the ¥181 level, which subsequently led to a decent rebound.