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GBPUSD

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Technical Analysis – GBPUSD quickly erases earlier gains; bullish in short term

Posted on March 12, 2019 at 7:51 am GMT

GBPUSD posted a sharp bullish rally earlier today almost challenging the 1.3300 handle, however, the price quickly erased those gains and returned back around 1.3200. In the previous day, cable added 230 pips gains, driving the price above the 23.6% Fibonacci retracement level of the upleg from 1.2390 to 1.3350, around 1.3120. Technically, the RSI continues to flatten around the neutral threshold of 50, while the MACD is gaining some steam approaching the trigger line, both signaling that a bullish to neutral move is likely to persist in [..]

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With a Brexit extension in sight, what’s the outlook for sterling? – Special Report

Posted on March 8, 2019 at 2:35 pm GMT

The coming week will be a crucial one for the Brexit process, as the UK Parliament will finally have a chance to vote for an extension of the exit date. Alas, even if that happens, such a delay would only be a one-time trick, so ‘something has to give’ by the summer. While the eventual destination for sterling is likely to be higher from current levels, the fact that the deadlock is unlikely to be resolved over the coming months [..]

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Week Ahead – Another Brexit deadline looms; Bank of Japan meets

Posted on March 8, 2019 at 1:30 pm GMT

A vote in the British parliament could determine whether the Brexit deadline will be extended, while a Bank of Japan policy meeting will be another highlight for traders in the coming week. Economic indicators will also be watched closely amid renewed growth jitters as industrial output figures for January are reported in China, the Eurozone, the United Kingdom and the United States. Inflation numbers from the US will be the other main release. Chinese growth likely softened further at start [..]

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European Open Preview – Draghi torpedoes euro; US payrolls coming up

Posted on March 8, 2019 at 8:56 am GMT

US nonfarm payrolls report dominates the agenda today ECB pushes back rate hike timing, announces new loans; euro crumbles Stocks continue to retreat, yen advances as China’s trade data disappoint Nonfarm payrolls in the limelight The spotlight today will be on the US employment report for February. Forecasts are quite optimistic across the board. Nonfarm payrolls (NFP) are expected to have risen by 180k, less than January’s astonishing 304k but still a strong number overall. Meanwhile, the unemployment rate is anticipated [..]

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European Open Preview – BoC throws in the towel, spotlight turns to ECB

Posted on March 7, 2019 at 8:57 am GMT

ECB meeting the main event today, focus will be on signals for loans to banks Loonie sinks to two-month lows as BoC abandons rate hike plans Elsewhere, stocks retreat without a clear catalyst – perhaps on profit taking Will the ECB join the chorus of dovish central banks today? All eyes will be on the highly-anticipated ECB policy decision today, and in particular on the updated economic forecasts and Draghi’s press conference at 13:30 GMT. The euro area economy continues [..]

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European Open Preview – BoC decides as rate-hike bets evaporate; aussie drops

Posted on March 6, 2019 at 8:49 am GMT

Bank of Canada meets; markets seem to be expecting a major dovish pivot, which may not materialize US dollar rally revitalized by robust ISM index Aussie drops to two-month lows as RBA rate-cut expectations grow BoC decides as rate-hike bets evaporate The main event on Wednesday will be the Bank of Canada (BoC) rate decision. No action is expected, and since there is no press conference by Governor Poloz either, investors will scrutinize the accompanying statement for any policy hints. [..]

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European Open Preview – Dollar rally in full throttle, but mind the speed bumps

Posted on March 5, 2019 at 8:58 am GMT

Dollar upswing continues unabated, but caution gradually warranted US stocks retreat after soft data, Chinese markets up on stimulus news RBA stays on hold, aussie yawns UK services and ISM non-manufacturing PMIs coming up today Dollar rally in full throttle, but speed bumps may lie ahead The US dollar registered another session of strong gains to kick off the week, gaining ground against all its major counterparts besides the defensive Japanese yen, which was the best performer as risk sentiment [..]

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Technical Analysis – GBPUSD weakens below 7-month highs; trend remains on the upside

Posted on March 5, 2019 at 8:07 am GMT

GBPUSD touched overbought levels at a seven-month high of 1.3349 according to the RSI which topped at 70 and reversed southwards to retest support around 1.3150. The RSI continues to weaken towards its 50 neutral threshold, while the MACD is also losing steam, both signalling that caution is likely to persist in the short term. Yet the upward-sloping 20-day moving average suggests that the recent uptrend is not near to its end. The 1.3080-1.30 area could provide immediate support in case bearish [..]

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UK services sector likely contracted in February, but pound buoyed by Brexit hopes – Forex News Preview

Posted on March 4, 2019 at 11:40 am GMT

The UK services PMI for February will be watched on Tuesday at 09:30 GMT amid increasing evidence that the Brexit uncertainty is putting the brakes on growth. However, with recent developments at Westminster significantly reducing the odds of a no-deal Brexit scenario, the pound is revelling near 7½-month highs and could take any negative reading in its stride. Activity in the services sector, which comprises about 80% of Britain’s economic output, moderated in January to the slowest level since immediately [..]

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European Open Preview – Stocks bask in trade optimism; dollar advances

Posted on March 4, 2019 at 9:09 am GMT

Stocks cruise higher on reports that a trade deal is just around the corner Dollar advances, despite soft US data and ‘jawboning’ by Trump Loonie crushed as Canadian GDP disappoints, oil retreats Equities bask in trade optimism US stock markets closed higher on Friday, and futures suggest these indices will likely open in the green on Monday as well, fueled by renewed optimism that a US-China trade deal is just around the corner. Media reports over the weekend reinforced such [..]

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