Comprehensive GBP/USD Analysis for December 1, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBP/USD for 1st December 2023. 

GBP/USD Key Takeaways

• The U.S. dollar rebounds: Although data showed that U.S. inflation and the labor market continued to slow down, the annual core PCE rate in October was in line with expectations at 3.5%, the lowest since April 2021. The U.S. dollar index continued its rebound. 
• ISM Manufacturing: ISM manufacturing data will be released tonight. The ISM manufacturing PMI was weak last month, indicating that economic activity has cooled down. If the ISM shows an expansionary trend as inflation slows, the dollar may be stimulated to continue its rise. 

GBP/USD Technical Analysis 

GBP/USD Daily Chart Insights

• Stochastic Oscillator:The indicator sends a short signal in the overbought range, suggesting that the market may be about to decline. 
• Price Action: The bar formed the bearish pattern. If price falls below yesterday’s low, the exchange rate will most likely continue to decline. On the contrary, the market will continue to rise after a slight correction. 

GBP/USD 1-hour Chart Analysis

• Stochastic oscillator: The indicator is currently rebounding upward. If a short signal is issued again, you can pay attention to short trading opportunities. 
• Price Action: The market price formed a bearish pattern this week. After falling below the neckline, the theoretical first target level was completed yesterday. There is a probability that the market price will reverse upward. However, if the exchange rate falls below yesterday’s low price, the next target will be the green 240-period moving average. 

Ultima Markets MT4 Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.26406, 
• Bullish Scenario: Bullish sentiment prevails above 1.26406, first target 1.26766, second target 1.27466; 
• Bearish Outlook: In a bearish scenario below 1.26406, first target 1.25696, second target 1.25330. 

Conclusion 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

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