GBP/USD Eyes 1.2800 Amid Dollar Weakness and UK Retail Sales..
GBP/USD Eyes 1.2800 Amid Dollar Weakness and UK Retail Sales Surpass Expectations
In the European morning on Friday, GBP/USD is on a positive trajectory, setting its sights on the 1.2800 level. The US Dollar (USD) is consolidating its recent losses as the year comes to a close, with divergent Fed-BoE policy outlooks playing a pivotal role. As thin trading conditions are expected to persist, GBP/USD benefits from the broad-based selling pressure surrounding the Greenback in the latter part of Thursday's trading.
Divergent Policy Outlooks and Dollar Weakness:
The USD's losing streak is propelled by the contrasting policy outlooks of the Federal Reserve (Fed) and the Bank of England (BoE). As the Fed leans towards a more accommodative stance, the British Pound gains traction against the weakening US Dollar. Thin trading conditions, typical of the year-end, further contribute to the USD's consolidation and GBP/USD's upward momentum.
UK Retail Sales Beat Expectations:
Adding to the positive sentiment around the British Pound, the UK's Office for National Statistics (ONS) reported a robust 1.3% monthly increase in retail sales for November. This figure surpassed market expectations of a 0.4% rise by a significant margin. However, the ONS tempered the optimism by revising the annualized Gross Domestic Product (GDP) growth for Q3 lower to 0.3% from the initial estimate of 0.6%.
Technical Analysis and Uptrend Continuation:
Amid these developments, our technical analysis suggests a continuation of the uptrend for GBP/USD. A pullback to the 50% - 61.8% Fibonacci retracement levels serves as a potential entry point, with a projected take-profit zone around 1.28500.
As GBP/USD advances towards 1.2800, fueled by a weakening US Dollar and robust UK retail sales, traders and investors are cautiously optimistic. The divergence in central bank policies and positive economic data create a favorable environment for the British Pound. As the year concludes, attention remains on potential opportunities in the currency markets, with GBP/USD exhibiting resilience in the face of year-end trading conditions.
Our preference
Long positions above 1.2600 with targets at 1.2850 & 1.2900 in extension.
In the European morning on Friday, GBP/USD is on a positive trajectory, setting its sights on the 1.2800 level. The US Dollar (USD) is consolidating its recent losses as the year comes to a close, with divergent Fed-BoE policy outlooks playing a pivotal role. As thin trading conditions are expected to persist, GBP/USD benefits from the broad-based selling pressure surrounding the Greenback in the latter part of Thursday's trading.
Divergent Policy Outlooks and Dollar Weakness:
The USD's losing streak is propelled by the contrasting policy outlooks of the Federal Reserve (Fed) and the Bank of England (BoE). As the Fed leans towards a more accommodative stance, the British Pound gains traction against the weakening US Dollar. Thin trading conditions, typical of the year-end, further contribute to the USD's consolidation and GBP/USD's upward momentum.
UK Retail Sales Beat Expectations:
Adding to the positive sentiment around the British Pound, the UK's Office for National Statistics (ONS) reported a robust 1.3% monthly increase in retail sales for November. This figure surpassed market expectations of a 0.4% rise by a significant margin. However, the ONS tempered the optimism by revising the annualized Gross Domestic Product (GDP) growth for Q3 lower to 0.3% from the initial estimate of 0.6%.
Technical Analysis and Uptrend Continuation:
Amid these developments, our technical analysis suggests a continuation of the uptrend for GBP/USD. A pullback to the 50% - 61.8% Fibonacci retracement levels serves as a potential entry point, with a projected take-profit zone around 1.28500.
As GBP/USD advances towards 1.2800, fueled by a weakening US Dollar and robust UK retail sales, traders and investors are cautiously optimistic. The divergence in central bank policies and positive economic data create a favorable environment for the British Pound. As the year concludes, attention remains on potential opportunities in the currency markets, with GBP/USD exhibiting resilience in the face of year-end trading conditions.
Our preference
Long positions above 1.2600 with targets at 1.2850 & 1.2900 in extension.
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