News

EURUSD and GBPUSD at New Lows in this Year

Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

EURUSD and GBPUSD at new lows in this year

Looking at the EURUSD chart on the daily time frame, we see that the pair made a break below the support line at 1.16500 yesterday. The pair also broke support at 1.16000, and we are now at the current 1.15700, and the last time we were at this place was in July last year. Bearish pressure is still in effect, and we can expect the EURUSD to continue falling to a psychological level of 1.15000. Below this support, we can look for more support in the zone around 1.14000, a break in the previous bullish trend. We need a new positive consolidation and growth of EURUSD above 1.17000 and a break above the upper resistance line for the bullish trend.

GBPUSD chart analysis

Looking at the GBPUSD chart on the daily time frame, we see that the pair has dropped to 1.34100 this year’s low. After reaching a maximum of 1.42500, the pair constantly lost in value and fell to its current level. If the bearish pressure continues, we can easily see a further retreat to even lower levels this year. For the bullish scenario, we need positive consolidation that would direct us to the bullish side. Our resistance is the first in the 1.36000 previous support zone; after that, our next resistances move averages in the zone 1.37000-1.38000.

Market overview

House price inflation in the UK fell more than expected in September, but for the fifth month in a row, it remained in double digits, the results of a survey by the National Building Society showed on Thursday.

The real estate price index rose 10 percent year-on-year after rising 11.0 percent in August. Economists forecast a result of 10.7 percent. The latest inflation rate is the lowest since April, when it was 7.1 percent.

Compared to the previous month, house prices grew by 0.1 percent in September, after a growth of 2.0 percent in August. Economists forecast an increase of 0.6 percent.

Demand is also expected to ease at the end of the year if unemployment rises as government support dwindles, which seems likely, the economist said.

The UK economy has grown more than initially estimated in the second quarter on strong spending, revised data from the Bureau of National Statistics showed on Thursday.

The gross domestic product grew 5.5 percent in a row instead of the previously estimated growth of 4.8 percent. Growth offset a 1.4 percent decline in the first quarter.

The level of GDP was now 3.3 percent below what it was before the pandemic at the end of 2019, revised compared to the previous estimate of 4.4 percent.

Conclusion

The manufacturing sector in China was stable in September; the latest survey from Caixin on Thursday showed a PMI score of 50.0. That exceeded expectations for a result of 49.5, and in August, it was higher with 49.2. It moves from the contraction territory and straight to the line separating the spread from the contraction.

The higher number of title indexes was partly due to a renewed increase in total sales during September. Although slightly, it was the first time that a new job had increased in three months. The baseline data suggest that this was primarily driven by more robust domestic demand, as export sales declined. Several corporations have commented positively on the improvement in customer growth.

The post EURUSD and GBPUSD at New Lows in this Year appeared first on FinanceBrokerage.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News