The GBPUSD daily analysis from the GIC team this time discussed the movement of the Pound Sterling market against the US Dollar in Monday trading earlier this week dominated by the strengthening of the British currency. The strengthening of the Pound has managed to touch its high of £1.36395. The strengthening of the Pound Sterling occurred despite the energy crisis currently hitting the country. It is known that the UK is currently experiencing a fuel and energy crisis, so many consumers are complaining about the surge in costs they have to spend. In cases like this, it has happened that to pay for energy use costs on a household scale alone has experienced a jump of up to 250%. The strengthening of the Pound Sterling was also supported by the temporary weakening of the US Dollar currency which occurred in the market trading overnight. In today's Asian session, the market is predicted to weaken. This is due to the profit-taking action of market participants ahead of the release of NFP economic data. The condition of the US Dollar currency is still on a solid track. This strengthening is due to the confidence of market participants in the implementation of tapering and stimulus cuts as well as the discourse of US interest rate hikes. In addition to the above causes, the strengthening of the US Dollar is also supported by the increase in US government bond yields for 10-year tenors. The rise and fall in US government bond yields has occurred and supported the condition of the US Dollar currency since the beginning of 2020. Many analysts predict that the weakening of the US dollar is only temporary, because the US dollar strengthening factor is more dominant. Among them is the tapering plan which will start in November until mid-2022. In addition, the discourse of stimulus cuts and plans to increase the benchmark interest rate. On the other hand, the results of the meeting of the member countries of the Petroleum Exporting Countries (OPEC) at its meeting yesterday, have succeeded in agreeing to increase their production by 400,000 barrels per day which will be carried out gradually. The implementation will start in November. The focus of market participants this week is on the release of employment data, namely NFP and monthly unemployment data. For high impact data today, there will be an RBA Rate Statement agenda at 10:30 WIB, it is predicted that the Reserve Bank of Australia will still maintain its interest rate. In addition, there will be a release of ISM Services PMI (USD) data which will be released at 21:00 WIB. It is predicted that it will be released lower than the previous period.

GBPUSD Technical Analysis

The GBPUSD daily analysis predicts that the trend of the pound sterling currency will still be bearish.

Pivot Point

Pivot point = 1,35599

Support

  1. Support 1 = 1,34803
  2. Support 2 = 1,33535
  3. Support 3 = 1,32739

Resistance

  1. Resistance 1 = 1,36867
  2. Resistance 2 = 1,37663
  3. Resistance 3 = 1,38931
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