GBP

A shambolic U.K. labour survey, a sudden resignation, and critical U.S. inflation data—GBP/USD traders have plenty to weigh, but it’s wages doing the heavy lifting today.

GBP/USD retains breakout potential but it’s the four weeks of gains in GBP/JPY that’s of attraction for British Pound bulls.

GBP/USD has shown its strongest monthly gain in March since November of 2023, and the question now is whether bulls can hold the move after testing the key resistance level at 1.3000.

GBP/USD is nearing a fresh two-month-high and the pair can remain as one of the more attractive venues for a continuation of U.S. Dollar weakness.

The strong bullish trend in GBP/USD has pushed the pair up more than 2% over the last six trading sessions, with the pound leading the way as it benefits from the short-term depreciation of the U.S. dollar.

GBP/USD has recorded six consecutive sessions of declines, approaching the key support at 1.21779, a level not seen since 2023.

It was a brutal week for the British Pound, with GBP showing its largest weekly loss against the Euro in more than a year.

GBPUSD, Gold Forecast: The British pound is struggling against a strong U.S. dollar, holding onto key 2024 support levels, while gold is forming a triangle pattern, leaving markets on edge for a decisive breakout. Non-Farm Payrolls (NFP) on Friday add further volatility risks.

It’s been tough sledding for Cable so far in Q4, but bulls have started to show defense of a major psychological level. Meanwhile, GBP/JPY is holding on to a bullish breakout setup as we go into next week.

On October 30th, Chancellor Rachel Reeves will unveil her first Budget of the new Labour government. Here we look at what this might include and how it could impact the markets, looking at the pound as well as specific sectors in the FTSE.

The Federal Reserve June FOMC meeting and US consumer price inflation for May look set to dictate directional risks for GBP/USD this week, overriding anything on the UK calendar including Britain’s unemployment report. Risks look skewed to the downside.