British Pound Update: GBP/USD Edges Lower After Jobs Data, USD Strength

2024-01-16 05:19:53

(MENAFN- DailyFX) Update: GBP/USD Edges Lower After Jobs Data, USD Strength Skip to Conten

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Jan 16, 2024 British Pound Update: GBP/USD Edges Lower After Jobs Data, USD Strength Jan 15, 2024 Gold Price Outlook: XAU/USD Eyes Prior All-Time High Amid Elevated Tensions Jan 15, 2024 Euro (EUR) Picking Up a Small Bid in Quiet Trade, US Markets Closed
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Host: Duration: min 10:18:19 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bearish
1h Last updated: Jan 16, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Euro (EUR) Picking Up a Small Bid in Quiet Trade, US Markets Closed 2024-01-15 14:30:24 Markets Week Ahead: Gold Bid, US Dollar Struggles, US Equities Eye Fresh Highs 2024-01-14 18:00:00 Oil - US Crude Mixed

1h Last updated: Jan 16, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Markets Week Ahead: Gold Bid, US Dollar Struggles, US Equities Eye Fresh Highs 2024-01-14 18:00:00 Crude Oil Latest: Heightened Geopolitical Tensions Push Oil Prices Higher 2024-01-12 14:00:39 Wall Street Bearish

1h Last updated: Jan 16, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US banks 4Q earnings preview: What to Expect 2024-01-11 20:00:12 Dax, Dow and Nasdaq 100 in Strong Form Ahead of US inflation 2024-01-11 12:30:16 Gold Bullish

1h Last updated: Jan 16, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Price Outlook: XAU/USD Eyes Prior All-Time High Amid Elevated Tensions 2024-01-15 18:30:00 Markets Week Ahead: Gold Bid, US Dollar Struggles, US Equities Eye Fresh Highs 2024-01-14 18:00:00 GBP/USD Bearish

1h Last updated: Jan 16, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News British Pound Update: GBP/USD Edges Lower After Jobs Data, USD Strength 2024-01-16 08:22:46 FX Week Ahead: GBP/USD, AUD/USD and USD/JPY 2024-01-15 09:14:52 USD/JPY Mixed

1h Last updated: Jan 16, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News FX Week Ahead: GBP/USD, AUD/USD and USD/JPY 2024-01-15 09:14:52 US Dollar Forecast: Reversal Possible; Setups on EUR/USD, USD/JPY, GBP/USD 2024-01-14 06:00:00 More View More

💶 ZEW Economic Sentiment Index (Jan) Actual: 22.7 Expected: 21.9 Previous: 23
Monetary Policy Inflation Volatility More
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GBP/USD Analysis and Charts
GBP/USD Daily Price Chart
GBP/USD Analysis and Charts

Falling UK wages will cheer the BoE.
Cable is under pressure from the US dollar .
Recommended by Nick Cawley Get Your Free GBP Forecast Get My Guide
Most Read: British Pound Weekly Forecast: Big UK Data Week May Not Mean Big Moves
UK wage growth slowed in November, according to the latest Office for National Statistics (ONS) data, while the unemployment rate remained unchanged. While wage growth continues to fall, it remains too high for the Bank of England to consider any imminent UK rate cut .
ONS Labour Market Overview

For all market-moving economic data and events see the DailyFX Economic Calendar
The latest UK implied rates show the first UK Base Rate cut is seen in May with a total of 131 basis points of cuts predicted for next year.

The US dollar has returned from a long weekend on the front foot and is pushing higher. The US dollar index is at a 10-day high, aided in part by slightly higher US Treasury bond yields and ongoing geopolitical worries in Ukraine and the Red Sea. This dollar strength is pushing cable into a support level around 1.2667, and if this is broken then the 38.2% Fibonacci level at 1.2628, a cluster of prior lows around 1.2610/15, and the 50-day simple moving average at 1.2608 will all come into play. A move higher would see 1.2742 act as resistance ahead of a cluster of recent highs up to just under 1.2800.
GBP/USD Daily Price Chart
Chart using TradingView
Retail trader GBP/USD data show 49.18% of traders are net-long with the ratio of traders short to long at 1.03 to 1.The number of traders net-long is 20.81% higher than yesterday and 13.71% higher than last week, while the number of traders net-short is 6.02% lower than yesterday and 12.71% lower than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP /USD prices may continue to rise.
What Does Changing Retail Sentiment Mean for GBP/USD Price Action?
GBP/USD Bearish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	21%	-9%	4%
Weekly	13%	-14%	-2%

What does it mean for price action? Get My Guide

What is your view on the British Pound – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .