Technical Analysis
GBPUSD have big potential to buy around 1.26850. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyer is weakening. Target price at 1.27403
Fundamental Analysis
The US dollar strengthened against most major currencies on Tuesday, August 8, 2023. The dollar index, which measures the value of the dollar against a basket of six major currencies, rose 0.4% to 103.14. The euro fell 0.3% to $1.0911, the Japanese yen fell 0.2% to $137.63, and the British pound fell 0.1% to $1.2732.
The dollar's strength was attributed to a number of factors, including rising US interest rates, concerns about a global economic slowdown, and safe-haven flows into the dollar amid geopolitical tensions. The US Federal Reserve is expected to raise interest rates by 75 basis points at its meeting later this month, which would be the largest rate hike since 1994. This is expected to further strengthen the dollar, as it makes US assets more attractive to foreign investors
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete
The US dollar strengthened against most major currencies on Tuesday, August 8, 2023. The dollar index, which measures the value of the dollar against a basket of six major currencies, rose 0.4% to 103.14. The euro fell 0.3% to $1.0911, the Japanese yen fell 0.2% to $137.63, and the British pound fell 0.1% to $1.2732.
The dollar's strength was attributed to a number of factors, including rising US interest rates, concerns about a global economic slowdown, and safe-haven flows into the dollar amid geopolitical tensions. The US Federal Reserve is expected to raise interest rates by 75 basis points at its meeting later this month, which would be the largest rate hike since 1994. This is expected to further strengthen the dollar, as it makes US assets more attractive to foreign investors
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete