{"id":221460,"date":"2023-12-31T03:13:37","date_gmt":"2023-12-30T21:43:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=221460"},"modified":"2023-12-31T03:13:37","modified_gmt":"2023-12-30T21:43:37","slug":"gbp-usd-spreads-ahead-of-the-2023-closing-bell-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/gbp-usd-spreads-ahead-of-the-2023-closing-bell-crypto-news\/","title":{"rendered":"GBP\/USD spreads ahead of the 2023 closing bell &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>GBP\/USD churns chart paper near 1.2740.<\/strong><\/li>\n<li><strong>UK annualized Nationwide Housing Prices slip, US Chicago PMI also misses.<\/strong><\/li>\n<li><strong>Soft data not shaking out Fed rate cut bets.<\/strong><\/li>\n<\/ul>\n<p>The GBP\/USD is cycling in near-term congestion as thin post-holiday markets get set to wrap up the last day of trading in 2023, testing back into intraday median prices just above the 1.2700 handle.<\/p>\n<p>The UK\u2019s Nationwide Housing Prices slipped back further than expected in the annualized figure, printing at -1.8% for the year ending December versus the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/forecast\">forecast<\/a> -1.4%. Markets were expecting a healthier rebound from the previous period\u2019s -2.0% print. Declining UK economic figures are capping off the Pound Sterling (GBP), which is largely catching support from a broad-market sell-off in the US Dollar (USD) as markets bet on faster and deeper rate cuts from the Federal Reserve (Fed) in 2024.<\/p>\n<p>The US Chicago Purchasing Managers\u2019 Index (PMI) declined faster than expected for December, printing at a contractionary 46.9, dropping through the market forecast of 51.0 and pulling further back from November\u2019s 18-month high of 55.8. A worsening US economic outlook is counter-intuitively sparking <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/sentiment\/risk-appetite\">risk appetite<\/a> across broader markets, as investors look for anything to push the Fed into accelerating the uptake on the next rate-cutting cycle, currently expected to begin early next year, with the first rate slash broadly expected to occur in March or April.<\/p>\n<h2 class=\"fxs_headline_medium\">GBP\/USD Technical Outlook<\/h2>\n<p>With markets gearing up for the rollover into the 2024 trading year, the GBP\/USD is testing into a near-ter midrange as the pair gets squeezed between the 50-hour and 200-hour Simple Moving Averages (SMA) between 1.2760 and the 1.2700 handle.<\/p>\n<p>Daily candlesticks have the GBP\/USD struggling to develop real momentum beyond the 1.2700 handle, despite a consistent higher-high\/higher-low pattern baked into candles. With most of the pair\u2019s upside momentum coming from broad-market USD short pressure, any recovery in the wider Dollar Index is likely to see a sharp drawdown for the Pound <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/gbpusd\">Sterling<\/a>.<\/p>\n<h2 class=\"fxs_headline_medium\">GBP\/USD Hourly Chart<\/h2>\n<\/p>\n<h2 class=\"fxs_headline_medium\">GBP\/USD Daily Chart<\/h2>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/GBP_USD-638394744049407817.png\" style=\"width: 1835px;height: 841px\" \/><\/p>\n<h2 class=\"fxs_headline_medium\">GBP\/USD Technical Levels<\/h2>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: GBP\/USD churns chart paper near 1.2740. UK annualized Nationwide Housing Prices slip, US Chicago PMI also misses. Soft data not shaking out Fed rate cut bets. The GBP\/USD is cycling in near-term congestion as thin post-holiday markets get set to wrap up the last day of trading in 2023, testing back into intraday median [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,276,641,255,250,252,1063,247,253,249,256,254],"class_list":["post-221460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-currencies","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-pmi","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/221460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=221460"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/221460\/revisions"}],"predecessor-version":[{"id":221462,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/221460\/revisions\/221462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/7250"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=221460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=221460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=221460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}