Solid News

GBPUSD Market Update

11/7/2022 12:06 PM

Against the backdrop of a depreciation of the American currency, the GBP/USD pair is correcting around 1.1332.

Yesterday, the media circulated excerpts from a statement by British Prime Minister Rishi Sunak, with which he intends to speak at today's 27th United Nations (UN) climate change conference. So, the position of the office is based on the rejection of fossil fuels in favor of renewable energy sources and that the United Kingdom is ready to work with foreign allies on the issue of an early "green transition." It may mean that the country will continue the policy of quickly abandoning oil and gas, which threatens serious economic problems. Sunak called the fight against inflation the key task for the government, which reached 10.1%, and not the pursuit of the well-being of citizens.

After rising in the first half of the week, the US dollar fell sharply on Friday to around 110.800 in the USD Index. Investors are disappointed by data on the labor market, according to which unemployment in the US in October unexpectedly increased to 3.7% from 3.5%, compared to the forecast of 3.6%, which was affected by a decrease in non-farm payrolls, which amounted to 261.0K jobs instead of 315.0K a month earlier. A more significant drop in employment was observed in the private non-agricultural sector: the figure fell to 233.0K from 319.0K earlier.

The instrument is kept within the long-term downward channel, trading near the resistance line.

Technical indicators keep a weakening buy signal: the range of the EMA fluctuation on the Alligator indicator is directed upwards, and the histogram of the AO oscillator forms new bars in the buy zone.

Resistance levels: 1.1460, 1.1756. | Support levels: 1.1154, 1.0840.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024