empty
23.05.2023 09:16 AM
Hot forecast for GBP/USD on 23/05/2023

Throughout Monday, the pound was mostly stagnant, and this won't last for long, so the market will definitely come alive today. Especially since preliminary PMIs are scheduled for release. However, the forecasts for the UK are not optimistic. In particular, the services PMI is expected to fall from 55.9 to 55.3. However, the manufacturing PMI is likely to remain unchanged. Due to the services sector, the composite PMI is expected to fall from 54.9 to 54.7.

However, this will not lead to a significant decline in the pound. The situation in the United States is quite similar. Although the manufacturing PMI may increase from 50.2 to 50.3, the services PMI is likely to fall from 53.6 to 53.0. Therefore, the composite PMI will fall from 53.4 to 53.0. Considering the overbought condition of the dollar, weak US data will ultimately lead to an increase in the pound. Even If the UK releases weak reports.

This image is no longer relevant

The GBP/USD pair failed to enter a full-fledged recovery phase. The volume of long positions fell around the 1.2480 level, leading to a reversal.

On the four-hour chart, the RSI is moving in the lower area of the indicator, which may indicate a persistent bearish sentiment.

On the same time frame, the Alligator's MAs are headed downwards, confirming the corrective movement.

Outlook

The corrective cycle from the peak of the medium-term trend persists, as the downward cycle continues after a recent retracement. The volume of short positions will increase once the price stays below the 1.2390 level. Until then, the bearish sentiment may be replaced by a consolidation within the scope of the recent retracement.

The comprehensive indicator analysis in the short-term and intraday periods points to the downward cycle.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Hot Forecast for EUR/USD on December 10, 2024

The currency market continues to consolidate around levels reached on Friday, primarily due to the complete absence of any macroeconomic data. With today's economic calendar remaining empty and the European

Dean Leo 05:52 2024-12-10 UTC+2

Hot Forecast for EUR/USD on December 9, 2024

The unemployment rate in the United States increased from 4.1% to 4.2%, which was not entirely unexpected. However, the dollar strengthened. The key driver was the creation of 227,000

Dean Leo 06:27 2024-12-09 UTC+2

Hot Forecast for EUR/USD on December 6, 2024

Eurozone retail sales growth slowed significantly from 3.0% to 1.9%, much worse than even the most pessimistic forecasts. Yet, the euro still managed to gain ground. It is impossible

Dean Leo 06:31 2024-12-06 UTC+2

Hot Forecast for EUR/USD on 05.12.2024

The rate of decline in producer prices in the Eurozone slowed from -3.4% to -3.2%, contrary to expectations of an acceleration to -3.5%. This indicates that, while likely to decrease

Dean Leo 06:37 2024-12-05 UTC+2

Hot Forecast for EUR/USD on December 4, 2024

The number of job openings in the United States was expected to decrease by 63,000 but increased by 372,000. However, it's difficult to draw any conclusions from this data because

Dean Leo 06:30 2024-12-04 UTC+2

Hot Forecast for EUR/USD on December 3, 2024

Instead of rising from 6.3% to 6.4%, the Eurozone unemployment rate remained unchanged. However, this did not impact the market, and prices stayed flat. This is partly due to news

Dean Leo 06:30 2024-12-03 UTC+2

Hot Forecast for EUR/USD on 02.12.2024

Despite the acceleration of annual inflation in the Eurozone from 2.0% to 2.3%, the euro failed to rise and even weakened. Although the scale of the decline was limited

Dean Leo 05:52 2024-12-02 UTC+2

Hot Forecast for EUR/USD on November 27, 2024

As expected, the Federal Open Market Committee meeting minutes didn't reveal anything new. Given the dollar's excessive overbought condition, a continuation of the corrective movement, that is, some strengthening

Dean Leo 06:24 2024-11-27 UTC+2

Hot Forecast for EUR/USD on November 26, 2024

Despite some fluctuations, the market is essentially at a standstill. This pattern may persist until the FOMC meeting minutes are published this evening. A significant reaction is only likely

Dean Leo 06:46 2024-11-26 UTC+2

Hot Forecast for EUR/USD on November 25, 2024

The preliminary PMI data for the Eurozone delivered a negative surprise. Instead of expected growth, all indicators declined. The Services PMI fell from 51.6 to 49.2 (forecast: 52.0)

Dean Leo 06:26 2024-11-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.