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20 December 2024,02:06
Trade Of The Day
20 December 2024, 02:06
* Sterling Slide: The pound sterling has plummeted against the dollar, weighed down by strong U.S. jobs data and a solid GDP report. Data released before the New York session indicated a resilient labor market and continued economic growth. Initial Jobless Claims for the week ending December 14 dropped from 242K to 220K, beating the forecast of 230K. Meanwhile, the U.S. Bureau of Economic Analysis (BEA) reported that Q3 GDP growth reached 3.1%, exceeding expectations of 2.8% and improving from 3% in Q2. Furthermore, rising U.S. Treasury yields, with the 10-year note climbing seven basis points to 4.592%, added to the downward pressure on the pound.
* Technical Breakout: GBPUSD was traded lower following prior breakout below the previous support level 1.25000. MACD which illustrate strong bearish momentum signal suggest the pair to likely further extend its losses
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.23100. Conversely, a potential reversal is also to be expected and the price could head back towards 1.26700 after it breach back above the level 1.25000.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will turn their attention to key U.S. data, including the Core PCE Price Index, set to be released later today.
Know how to manage trading risks with risk management strategies.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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