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[QUOTE="forum forex, post: 208441, member: 78402"] [HEADING=1]May-18, 2022, Daily Currency Trading technical analysis and market forecast, by forex forum.[/HEADING] [IMG deleted] GBP/USD jumped in excess of 1.3% on Tuesday, its best performance in nearly 18-months after the UK Jobs Report showed that the labor market remains in rude health. The unemployment rate fell to 3.7%, its lowest level in 50-years, while average earnings including bonuses rose by 7% in March as employers paid more to keep existing staff. Retail trader data show 69.52% of traders are net-long with the ratio of traders long to short at 2.28 to 1. The number of traders net-long is 12.59% lower than yesterday and 19.96% lower from last week, while the number of traders net-short is 40.21% higher than yesterday and 50.83% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current GBP/USD price trend may soon reverse higher despite the fact traders remain net-long. [B]Moreover, The pound fell against the dollar on Wednesday after data showed British inflation rising to 9%, the highest level in 40 years.[/B] At 0846 GMT, sterling was down 0.9% against the U.S. dollar at $1.23820. The drop reverses most of the gains made on Tuesday when the pound touched its highest level since May 5. Strong labour market data had boosted expectations that the Bank of England would have to further increase interest rates, but the latest inflation numbers are fuelling fears that the threat of recession may temper how far the central bank can go. "Yesterday it looked like with wage growth rising and unemployment so low it meant that the bank had more room for manoeuvre," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown [HEADING=2]EUR/USD[/HEADING] On the other hand, The Euro US Dollar exchange rate began the last seven days on a downward trend after German inflation figures came in well below forecast. A widening of the Eurozone trade deficit on Monday may have also contributed to the fall. The pair’s recovery was aided by a surprisingly hawkish stance from the European Central Bank (ECB). A speech from ECB President Christine Lagarde signalled that a summer 2022 rate hike was likely. Strong GDP growth figures for the Eurozone on Tuesday may also have helped to lift the EUR/USD pair. Moreover, The European currency is strengthening against the US dollar today. Yesterday preliminary eurozone GDP data for the first quarter was released, exceeding market expectations. The European economy grew by 0.3% in quarterly terms instead of 0.2% and by 5.1% in annual terms instead of the expected 5.0%. Overall, the European economy showed resilience even despite the negative impact of rising inflation and the Russia-Ukraine crisis, in particular supply chain disruptions and declining business confidence. Also note today’s comments from European Central Bank official Klaas Nota, who said that the regulator may raise interest rates by 50 basis points at once at its July meeting. In general, the number of supporters of monetary policy tightening within the European regulator continues to grow. Source: [URL]https://www.forum.forex/threads/forex-forum-eur-usd-jpy-gbp-cad-aud-market-analysis-and-daily-forecast.874/page-5#post-6944[/URL] Thank You [/QUOTE]
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