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British Pound/U.S. Dollar (^GBPUSD)

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British Pound/U.S. Dollar Futures Market News and Commentary

Dollar Rebounds Ahead of Fed Chair Powell’s Testimony on Tuesday

The dollar index (DXY00) Monday recovered from a 3-week low and finished up by +0.12%.  Short covering in the dollar Monday propelled prices higher ahead of Fed Chair Powell’s semiannual testimony to Congress on Tuesday.  Also, the US May consumer credit report was stronger than expected and supported the dollar.

US May consumer credit rose +$11.354 billion, stronger than expectations of +$8.850 billion and the largest increase in 4 months.

The markets are discounting the chances for a -25 bp rate cut at 6% for the July 30-31 FOMC meeting 

and 72% for the following meeting on Sep 17-18.

EUR/USD (^EURUSD) on Monday fell back from a 3-1/2 week high and finished down by -0.16%.  The euro came under pressure Monday on economic news that showed the Eurozone July Sentix investor confidence index fell more than expected to a 4-month low and weaker-than-expected German trade news for May.

On Monday, the euro initially moved higher due to reduced political tensi... Read more

Commitment of Traders Positions as of Jul 2, 2024

View Chart Details
Commercials - Long / Short
52,797 (-16,700)
117,856 (+3,333)
Non-Commercials - Long / Short
106,753 (+4,206)
44,712 (-13,787)
Dealers / Intermediary - Long / Short
25,507 (-13,490)
29,525 (+1,589)
Asset / Manager - Long / Short
43,966 (-8,818)
91,800 (-8,996)
Leveraged Funds - Long / Short
79,931 (+8,866)
29,649 (-2,736)
Other Reportables - Long / Short
1,259 (+1,259)
2,707 (unch)

Price Performance

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Period Period Low Period High Performance
1-Month
1.26130 +1.55%
on 06/27/24
1.28600 -0.40%
on 06/12/24
+0.00883 (+0.69%)
since 06/07/24
3-Month
1.22997 +4.13%
on 04/22/24
1.28600 -0.40%
on 06/12/24
+0.01305 (+1.03%)
since 04/09/24
52-Week
1.20371 +6.41%
on 10/04/23
1.31427 -2.55%
on 07/14/23
-0.00321 (-0.25%)
since 07/07/23

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^EURUSD : 1.08228 (-0.01%)
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Short Term Elliott Wave in (USDCHF) suggests pair ended the move down from 5.1.2024 high as wave (1) at 0.882. Wave (2) corrective rally is now in progress to correct cycle from 5.1.2024 high.

^USDCHF : 0.89757 (-0.01%)
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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Buy with a Strongest short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 1.28884
2nd Resistance Point 1.28671
1st Resistance Point 1.28368
Last Price 1.28083
1st Support Level 1.27852
2nd Support Level 1.27639
3rd Support Level 1.27336

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52-Week High 1.31427
Last Price 1.28083
Fibonacci 61.8% 1.27204
Fibonacci 50% 1.25899
Fibonacci 38.2% 1.24594
52-Week Low 1.20371

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