Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
27 Sep 2023

GBP/USD extending declines, trying to find a floor near 1.21

  • The GBP/USD continues to backslide as the Pound Sterling weakens further against the Greenback.
  • US data beats bolstering the USD, UK data-light calendar leaves the GBP to twist in the breeze.
  • Back half of the trading week to see US & UK GDP, US PCE on Friday.

The GBP/USD continues to slip around below the 1.2160 cap on Wednesday trading, dipping to a session low of 1.2110 as selling pressure looks to crack the 1.2100 handle heading into the latter half of the trading week.

A late-day rebound for the Pound Sterling (GBP) is seeing the pair stage a mild pullback to 1.2140, but USD strength continues to remain a key driver in broader markets for the day.

GDP, PCE figures to take center stage for the Thursday-Friday split

US Durable Goods Orders broadly beat expectations on Wednesday, printing at 0.2% and clearing the -0.5% forecast. Thursday will bring US Gross Domestic Product (GDP) numbers, which markets are forecasting to print steady at 2.1%.

The GBP/USD will see some of the week's highest investor focus with the UK's GDP for the second quarter, which is expected to stay in-line with the previous reading of 0.2%, but Friday's action will likely be overshadowed by the US Personal Consumption Expenditure (PCE) Price Index.

US PCE inflation is forecast to print steady at 0.2% for the month of August, with the annualized figure slipping from 4.2% to 3.9% for the same period.

GBP/USD technical outlook

The GBP/USD is firmly embedded deep in bearish territory, and the pair is down over 4% in September alone.

The Pound Sterling is steadily trading into six-month lows against the Greenback, and the next significant technical support zone sits at March's low near 1.1800.

Technical indicators are buried deep into oversold territory, with the Relative Strength Index (RSI) indicator at its lowest values on a 14-day rolling timetable since 2022's September declines into 1.0840.

The 200-day Simple Moving Average (SMA) currently sits north of 1.2400, and the 34-day Exponential Moving Average (EMA) has turned down sharply, and is set to make a bearish cross of the longer MA.

GBP/USD daily chart

GBP/USD technical levels

 

Sep 27, 2023

Gold Price Forecast: XAU/USD plummets to new cycle low, on elevated US yields, risk aversion

Gold price plunged more than 1% in the mid-New York session, drafting a new cycle low below the August 21 swing low of $1884.89, as sellers set their
Read more Previous
Sep 27, 2023

NZD/USD faces headwinds amid souring market sentiment, hawkish Fed stance

The New Zealand Dollar (NZD) lost ground versus the US Dollar (USD) late in the New York session after hitting a daily high of 0.5956 but erased those
Read more Next