GBP/USD soars above 1.1600, hitting a fresh six-week high – by christianborjon GBPUSD Majors Macroeconomics Technical Analysis
Speculations for a Fed pivot increase as recently featured data shows the housing market is crashing.
Sentiment remains positive, with Wall Street trading in the green. US economic data revealed by the US Commerce Department that home sales dropped at a 10.9% MoM pace in September, while August’s previous figures of 685K units were downward revised to 677K, signaling that the Federal Reserve aggression continues to dampen the housing market.
for Q3, which is expected at 2.4%. Of note, the last report of the Atlanta GDPNow estimates for Q3 GDP an increase of 2.9%.The GBP/USD is neutral-to-downward biased until the major reclaims the 100-day Exponential Moving Average at 1.1748. Nevertheless, with the Relative Strength Index aiming higher, at 61.68, a move towards 1.1700 is on the cards. But traders should be aware of sudden market mood shifts, with sentiment remaining fragile in the last couple of weeks.
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