OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD: Buying opportunity on a break below 1.2950 – Westpac

A break of 1.2950 would signal a deeper correction is in play potentially targeting a reversal back to 1.26/1.28 – a great buy opportunity ahead of FOMC meeting on 15/16 September, according to economists at Westpac.

Key quotes

“The eye-popping 20.4% collapse in UK GDP emphasises the vulnerabilities in the UK economy, especially if COVID case counts continue rising across Europe.” 

“GBP looks to be in a technical holding pattern as what looks like a short-term USD correction evolves through August. We still tend to see that move developing into an opportunity to sell USD into the Sep 15/16 FOMC outcome. However, it is quite possible that the correction could go further.” 

“For now, key support at 1.3020 and then 1.2950 remain intact; but a break of that lower level would signal a deeper correction is in play potentially targeting a reversal back to 1.26/1.28. We would use such a dip as an opportunity to buy ahead of the Fed’s possible move to average inflation targeting.”

 

AUD/USD could attempt a move to 0.72 near-term – UOB

The Aussie dollar could edge higher to the 0.72 region vs. the greenback in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour
Read more Previous

Natural Gas Futures: Further upside on the cards

In light of advanced figures from CME Group for Natural Gas futures markets, open interest went down for the fourth consecutive session on Wednesday,
Read more Next
Start livechat