Forex: GBP/USD Showing Impulse Moves While The Downward Cycle

The GBP/USD Pair Did Not Reach The Nearest Target Level Of 1.2259

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The market is clearly frozen in anticipation of tomorrow's speech by Jerome Powell. Most likely, the head of the Federal Reserve will clarify the further pace of interest rate hikes.

In terms of statistics, durable goods orders in the US did not make any impression as the volume remained unchanged. But the previous data was revised for the better, from 1.9% to 2.2%.

Orders for durable goods (United States):

Today's data on jobless claims is also unlikely to affect the market even though the number of initial applications is forecasted to increase by 17,000, which is a lot. This is because the estimate for repeated requests have been revised for the better, that is, a decline by 1,000 instead of a rise by 5,000.

Continued claims (United States):

Obviously, investors will not take risks, preferring to wait for Powell's speech tomorrow.


EUR/USD formed a short-term flat within 0.9900/1.0000. A temporary slowdown can serve as a process of accumulation of trading forces in the upcoming acceleration in the market.

GBP/USD rebounded from the support level of 1.1750. This reduced the volume of short positions, which slowed down the downward cycle. Most likely, the pair will continue to concentrate for some time within the base of the trend, then show impulse moves.

 

Source: Forex Analysis & Reviews: Trading tips for EUR/USD and GBP/USD on August 25

The GBP/USD Pair Did Not Reach The Nearest Target Level Of 1.2259

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