- Dollar falls as commodity currencies outperform.
- Wall Street shows gains as stocks head for a decline in Europe.
- GBP/USD with positive momentum, tests relevant resistance.
The GBP/USD It rises on Thursday for the second day in a row, but the upside remains limited by the 1.2230 area. Risk appetite and dollar weakness are supporting the pair.
On Wall Street, the Dow Jones is up 0.72%, while the Nasdaq is up 1.10%. European indices are negative, with the FTSE 100 down 0.07%. The Dollar Index falls 0.25%. The currencies that perform best in the foreign exchange market are raw materials, since the Gold, Silver and Oil rise strongly.
Economic data released Thursday showed initial claims for US jobless benefits rose as forecast to 230,000 in the week ending December 3, while continuing claims rose 62,000 in the week ending November 26. up to 1,671,000, above the 1,575,000 market consensus, reaching the highest level in almost eleven months.
On Friday, China will report the Consumer Price Index for November, which is expected to show an increase of 1% (yoy). The Bank of England will report on Consumer Inflation Expectations. In the United States, the Consumer Price Index and Consumer Sentiment from the University of Michigan will be published.
Watch: US Consumer Sentiment Preview: Dollar to Fall on Lower Inflation Expectations
GBP/USD short-term outlook
The GBP/USD pair is trading at daily highs, challenging the zone of 1.2230. If it consolidates above, the positive momentum will favor further gains, with the target in the resistance 1.2260. Above, the focus would be on 1.2290/1.2300.
If the 1.2230 level is not broken, the pair would remain sideways between that zone and 1.2150. Below, the weekly minimum would be at 1.2104.
GBP/USD Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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