4 Global Market Updates- 5 September, 2022

 

In this article, we have covered the highlights of global market news about the GBP/USD, EUR/USD, XAU/USD and USD/CNH.

GBP/USD: Sellers will predominate until 1.1550 becomes support.

The GBP/USD exchange rate recovered a significant percentage of its daily losses after falling to its lowest point since March 2020. But below 1.1550, the negative tendency is still there, according to Eren Sengezer of FXStreet.

“The Conservative Party leadership contest is largely anticipated to be won by Liz Truss. Because players are waiting to see what the new PM will do to support families in the face of rising energy bills, market activity is expected to be subdued. Furthermore, Brexit is still an open question that will probably make it challenging for the pound to stage a significant recovery.

“In the event that cable makes a technical repair, temporary support at psychological level 1.1500 (static level) is formed before 1.1550.” (static level, the upper limit of the descending regression channel, 20-period SMA). Additional recovery progress approaching 1.1600 (static level, psychological level) might be seen if the latter develops into support.

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