Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
17 Jan 2024

GBP/USD Price Analysis: Remains under pressure above the 1.2600 mark, oversold RSI condition eyed

  • GBP/USD trades in negative territory for two straight days on Wednesday. 
  • The major pair holds below the key EMA with an oversold RSI condition.
  • The critical support level will emerge at the 1.2600 mark; 1.2686 acts as an immediate resistance level for GBP/USD. 

The GBP/USD pair faces some selling pressure above 1.2600 during the early European session on Wednesday. Investors await the UK Consumer Price Index (CPI) for December for fresh impetus. The headline UK inflation is estimated to grow 3.8% YoY, while the Core CPI is expected to rise 4.9% YoY. GBP/USD currently trades near 1.2607, losing 0.18% on the day. 

Technically, GBP/USD holds below the 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, which means further downside looks favorable.

The key contention level will emerge at the 1.2600 mark, representing the psychological round level and the lower limit of the Bollinger Band. Any decisive follow-through selling below the latter will see a drop to a low of December 7 at 1.2544, followed by the confluence of the round mark and a low of December 13 at 1.2500. 

On the upside, a low of January 8 at 1.2686 acts as an immediate resistance level for GBP/USD. The additional upside filter to watch is a high of January 8 at 1.2767, and finally the upper boundary of the Bollinger Band at the 1.2800 mark.

It’s worth noting that the Relative Strength Index (RSI) holds in bearish territory below 50. However, the oversold RSI condition indicates that further consolidation cannot be ruled out before positioning for any near-term GBP/USD depreciation.

GBP/USD four-hour chart

 

Jan 17, 2024

USD/CHF edges higher to near 0.8620 on geopolitical tension, awaits US retail sales data

The USD/CHF pair continues its winning streak that started on Thursday, influenced by a cautious market stance due to concerns over the Israel-Gaza conflict potentially spreading in the region.
Read more Previous
Jan 17, 2024

Silver Price Analysis: XAG/USD slides to near $22.70 as Fed speakers maintain hawkish stance

Silver price (XAG/USD) faces an intense sell-off as Federal Reserve (Fed) policymakers are maintaining the narrative of keeping interest rates higher for a longer period.
Read more Next