GBP/USD prints mild losses to snap a four-day winning streak around 1.2160 heading into Tuesday’s London open. In doing so, the Cable pair cheers the hopes of more investments from UK Finance Minister Jeremy Hunt amid the market’s consolidation mode.
It’s worth noting that the recent chatters surrounding downbeat UK employment conditions and a likely increase in government investments could escalate fears for the GBP/USD bears, especially ahead of the US Consumer Price Index (CPI) data. Furthermore, the Brexit fears join and the absence of hawkish BoE talks weigh on Cable prices.
Hence, today’s UK data is less likely to please the GBP/USD pair buyers unless marking major positive readings. Even if the British jobs report prints welcome numbers, the Cable pair remains indecisive ahead of the US CPI releases, as well as due to the recent corrective bounce in the US Treasury bond yields. That said, a likely easing in the Employment Change may weigh on the GBP/USD prices amid the US dollar’s rebound, as well as the cautious sentiment.
Technically, The first daily closing above the 50-DMA in five weeks, around 1.2135 by the press time, enables the GBP/USD bulls to aim for the mid-February swing high surrounding 1.2270.
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