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28 Nov 2022

GBP/USD Price Analysis: Bears eye the 38.2% ratio on break below 38.2% ratio

GBP/USD bears are moving in with eyes on the trendline support.
Bears need to break 1.2050 lows to make way for the 38.2% ratio.

GBP/USD is down on the day so far, losing 0.15%, with the price falling from a high of 1.2074 to a low of 1.2051 so far.

The sour tone of OBR forecasts has weighed on GBP in the spot market since the Autumn Statement and now the US Dollar is edging higher across the board in a risk-off start to the week.

The Greenback is correcting from multi-month lows on the prospects of the Federal Reserve moderating the pace of its policy tightening.

The following illustrates the prospects of a deeper correcting in cable that targets the trendline support as follows:

GBP/USD daily chart

Bears moved in at around 1.2150 and there are prospects of a deeper correction over the coming days with eyes to 1.1965, or a 38.2% ratio, and then the trendline support:

Nov 28, 2022

AUD/USD declines towards 0.6700 amid weak Aussie Retail Sales and China’s Covid protests

The AUD/USD pair has not responded well to the downbeat monthly Retail Sales data as reported by the Australian Bureau of Statistics. The economic dat

AUD/JPY bears approach 93.00 on Australia’s first Retail Sales contraction in 2022, risk-off mood

AUD/JPY braces for the biggest daily loss as it drops to 93.30 during the aftermath of disappointing Australia Retail Sales figure, published early Mo