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March 2nd - Fighting in the Middle East has sparked concerns about potential major disruptions to global energy supplies, causing European natural gas prices to surge. European benchmark natural gas futures prices rose by as much as 25%, marking the largest single-day increase since August 2023. This followed the near-total halt of traffic in the Strait of Hormuz. This narrow waterway is a crucial global energy transport route, carrying approximately 20% of global liquefied natural gas (LNG) exports. Oil prices also rose sharply. The current situation could trigger the most severe shock to the natural gas market since the Russia-Ukraine conflict. Although Asian countries purchase the majority of LNG shipped from the Middle East, any supply disruptions will intensify competition for alternative supplies, thereby pushing up global natural gas prices, including in Europe.Swiss National Bank: In light of the international situation, we are better prepared to intervene in the foreign exchange market to curb the rapid and excessive appreciation of the Swiss franc.Jun Mimura, Japans top foreign exchange official: My meeting with the Prime Minister showed that the political momentum for insisting on a temporary reduction in food sales tax as part of the election platform is quite strong.British Foreign Secretary Cooper: 102,000 Britons have responded to our proposal and registered their whereabouts in the Middle East.March 2 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on March 2. Regarding the joint US-Israeli attack on Iran, did China contact the US beforehand or during the operation? "I can tell you that China was not notified in advance of the US military operation," Mao Ning said.

GBP/USD Price Analysis: Targets a Breakout above 1.2100 from the Descending Triangle

Daniel Rogers

Dec 30, 2022 12:01

 GBP:USD.png

 

In the Asian session, the GBP/USD pair is doing poorly due to investors' reluctance to acquire substantial positions due to the holiday market sentiment. The Cable is fluctuating within a 10-pip band below 1.2060 and will likely continue to do so in the foreseeable future.

 

Following a decline to approximately 103.50, the US Dollar Index (DXY) has attempted a recovery. As risk appetite improved on Thursday, the USD Index witnessed a big fall. The yield on 10-year US Treasury bonds slipped below 3.83 percent during early trading.

 

The Cable is building speed in anticipation of an hourly breakout from the chart pattern of a Descending Triangle. The major currency is hovering near the downward-sloping trendline drawn from the high of December 19 at 1.2242, while the horizontal support of the previously described chart pattern is placed at the low of December 22 at 1.1992.

 

The pair is trading above the 20-period Exponential Moving Average (EMA) above 1.2050, indicating a strong near-term rise.

 

A consolidation is coming as the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00. A breakout of the bullish zone between 60.00 and 80.00 will trigger bullish momentum.

 

Should the Cable firmly surpass the high of 1.2112 on December 27, Pound Sterling bulls would drive the asset to the high of 1.2189 on December 21, followed by the high of 1.2242 on December 19.

 

In contrast, a significant slide below the low of December 22 at 1.1992 will cause the Descending Triangle to collapse and drag the Cable to the low of November 29 at 1.1940. A breach below this level would expose the pound to more weakness near the low reached on November 30 around 1.1900.

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