search
Install Now

An incredible cashback rate!
40% of the spread!

Join Now

Should Investors Be Wary of Further Downside in GBP/USD, Which Has Posted Six Consecutive Downward Candlesticks?

Market Report

Should Investors Be Wary of Further Downside in GBP/USD, Which Has Posted Six Consecutive Downward Candles?

28.09.2023

Today's Highlights
  1. Remarks by U.S. Federal Reserve Chair Powell
  2. U.S. GDP Deflator

In the U.S. currency market the previous day, the U.S. dollar rose against major currencies after Kashkari, President of the Minneapolis Federal Reserve Bank, stated that “if the domestic economy remains resilient, one more 25-basis-point rate hike will be necessary.”The USD/JPY pair rose by approximately 80 pips from 148.854 to 149.706, following an upward trend along the +3σ line of the hourly Bollinger Bands. We must remain vigilant to see if today’s economic data releases during U.S. trading hours will trigger further gains.

Among European currencies, the pound—which is awaiting remarks from a key official today—fell against the U.S. dollar for the sixth consecutive day. The GBP/USD pair fell from 1.2163 to 1.2110.From a technical perspective, the GBP/USD pair continues its downward trend along the 10-period moving average (MA) on the 4-hour chart, while on the daily chart, the RSI has fallen below the oversold threshold of 30 to 18.4. Therefore, traders should watch for signs of a potential temporary rebound or the emergence of a selling climax to gauge the market’s direction.

Today’s schedule includes: Turkey’s Economic Confidence Index at 4:00 p.m., the ECB’s Monthly Report at 5:00 p.m., Germany’s Consumer Price Index at 9:00 p.m., U.S. Initial Jobless Claims and U.S. Second-Quarter GDP at 9:30 p.m.,U.S. GDP deflator, at 10:00 p.m. remarks by U.S. Chicago Fed President Goolsbee, at 11:00 p.m. U.S. pending home sales, at 11:30 p.m. U.S. weekly natural gas inventories, at 11:45 p.m. U.K.MPC Member Green is scheduled to speak; at 24:00, the U.S. Kansas City Fed Manufacturing Activity Index; at 26:00, the U.S. 7-year Treasury auction; and at 29:00, remarks by Fed Chair Powell are scheduled.We will cautiously monitor the downside potential for the GBP/USD pair, which has posted six consecutive bearish candles.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

Should We Keep a Close Eye on the U.S. Dollar’s Upside Potential, Despite Concerns Over a Pause in Interest Rate Hikes?

Next Article

With the U.S. dollar’s strength taking a breather, should we wait and see if currency strength dynamics will shift?
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" as shown above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are paying close attention to this feature.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent for every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for four hours.

Return to Notification Settings