GBPUSD

Technical Analysis – GBPUSD upside risks in place but a potential reversal pattern also in focus

Posted on April 28, 2020 at 8:33 am GMT

GBPUSD is finding support around the 50-period simple moving average (SMA) on the four-hour chart and is pushing efforts to regain momentum within the 1.2400 area after a quiet start to the day. Additional gains cannot be ruled out in the short-term as the RSI is trying to break its recent range, while the MACD is strengthening at a gradual pace in the positive area. However, in terms of trend, a potential head and shoulders pattern seems to be in progress, sending a negative warning of [..]

Technical Analysis – GBPUSD undecided, mirroring loss in directional momentum

Posted on April 27, 2020 at 9:26 am GMT

GBPUSD although having pushed back above all simple moving averages (SMAs), appears rather flat between 1.2246 and the 1.2516 level, that being the 61.8% Fibonacci retracement of the down leg from the 1.3200 high to the 35-year low of 1.1410. The technical oscillators reflect a shortcoming in directional momentum by painting an unclear picture, with the SMAs tilting slightly negative and the pair finding difficulty to exhibit further improvements. The MACD is just below zero but above its red trigger [..]

Daily Market Comment – Dollar slips as lockdown easing spurs risk-on; BoJ ramps up stimulus

Posted on April 27, 2020 at 8:43 am GMT

Dollar pressured as euro, pound and aussie charge higher on possible relaxation of lockdowns Stocks edge higher too but oil plunges again Bank of Japan pledges unlimited QE; focus moves to Fed and ECB Light at the end of the lockdown tunnel? It was a buoyant start to the week as signs that the draconian lockdowns that have paralysed major economies around the world are about to be loosened lifted risk appetite. The US dollar, which has been the safe [..]

Daily Market Comment – Drug disappointment burns stocks; Euro crumbles

Posted on April 24, 2020 at 9:06 am GMT

Equities turn red after would-be miracle drug Remdesivir fails clinical trial Euro dives as EU drags feet on recovery fund, disagrees on debt sharing Yen pares gains on reports BoJ will ramp up stimulus next week Oil extends bounce, but rebound likely fragile Virus-drug disappointment bites stocks A rally in global stock markets faltered yesterday, with the S&P 500 giving up early gains to close practically flat and futures pointing to more pain on Wall Street today, following headlines that [..]

Daily Market Comment – Trump threatens war with Iran, lifts oil

Posted on April 23, 2020 at 9:02 am GMT

Trump turns up the aggression with Iran, oil likes it But unlikely that this is a sustainable rebound Euro suffers after terrifying PMIs, awaits EU leaders meeting Stocks recover, yet safe havens thrive too Oil prices recover as Trump rattles sabers with Iran All the troubles in the oil market were magically resolved by a single tweet from the US President yesterday, who said that he instructed the US Navy to destroy any Iranian gunboats harassing American ships at sea. [..]

Daily Market Comment – Oil carnage spreads to stocks

Posted on April 22, 2020 at 9:22 am GMT

Oil price collapse continues, sending shivers through stock markets Trump signals bailouts for US producers, but paradoxically, that could worsen oil’s plunge Dollar pares gains after Trump’s bailout talk, pound softens on Brexit comments Euro in focus as investors flee Italian bonds before tomorrow’s EU summit Trump hints at bailouts as oil crumbles Energy markets can’t catch a break, with Brent following WTI lower this time to touch a low last seen during the Gulf war, as the devastation in [..]

UK PMIs to slump further as lockdown extended; retail sales to tumble as well – Forex News Preview

Posted on April 21, 2020 at 1:50 pm GMT

With the number of new daily cases of coronavirus in Britain now rising faster than in other European countries, dashing hopes of an early exit from lockdown, flash PMI and retail sales releases will draw interest this week. The Purchasing Managers’ Index (PMI) by IHS Markit/CIPS is due on Thursday at 8:30 GMT and retail sales data will follow on Friday at 6:00 GMT. In the meantime, the pound is struggling to hold onto its recent gains versus the US [..]

Daily Market Comment – Oil trades negative as storage space runs out

Posted on April 21, 2020 at 9:18 am GMT

WTI oil price goes negative as physical storage space runs out Loonie and other oil-sensitive currencies retreat But little impact in other assets – mild risk aversion only Yen and dollar gain on defensive flows, stocks turn red, kiwi drops Oil price turns negative as energy market craters For the first time ever, the price on a barrel of WTI crude oil fell to zero yesterday and then traded negative, falling as low as -$40.32/barrel in a move so unprecedented [..]

Technical Analysis – GBPUSD holds above bullish cross in SMAs

Posted on April 21, 2020 at 7:33 am GMT

GBPUSD has been underperforming in the past few sessions, breaking back below the 61.8% Fibonacci retracement level of the down leg from 1.3200 to 1.1410 at 1.2523. When looking at the bigger picture on the daily timeframe, the pair is trendless as the latest rebound from the 35-year low surpassed 1.2170. In technical indicators, the RSI has reversed south to meet its 50 neutral level, while the MACD oscillator is hovering above zero line with weak momentum. Despite these discouraging signals, the 20- and 40-day simple moving [..]

Daily Market Comment – Oil plummets, but stocks hold their ground

Posted on April 20, 2020 at 9:24 am GMT

Loonie drops as WTI crude oil plummets to two-decade low Yet, rest of the market still calm – stocks near recent highs, yen and gold retreat Are stocks exaggerating the V-shaped recovery, or is there nothing else to buy? Demand fears devastate oil prices The energy market is back under immense pressure, with WTI crude falling below $15 per barrel today for the first time since 1999 as investors increasingly realize that there’s so much excess supply that storage space [..]

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