ONLINE FOREX BROKER
2021-07-20 • Updated
The British pound lost his positions comparing to the US dollar, Euro, and other haven assets at the beginning of this week, because of the global markets sale. Investors realized that the pandemic is entering the next stage of the virus so-called Covid Delta. GBP dropped on the same day the country saw all restrictions eased. Investors are concerned about the future of the UK, despite the fact it is one of the most inoculated countries. These facts dropped the Pound-to-Dollar to the lowest level since February.
The British Pound dropped hard comparing to the haven currencies. It trades better against the basket of currencies, such as the Australian, New Zealand, and Canadian Dollars as well as Emerging Market currencies. This is because these so-called commodity currencies and high-yielding currencies tend to display greater sensitivity to the sentiment of investors.
In this way, the perspective of global currencies depends on how long investors are going to concern about the Covid strain.
GBPUSD Daily chart
On the daily chart GBPUSD, the price broke through the 200-day moving average line. The next target is the support level at $1.34, which is the 38.2 Fibonacci level. In case the price breaks this level, it will drop to $1.315, which is the crosspoint of 100 and 200 weakly moving averages.
The GBPAUD is trading in the rising channel. At the moment the price is testing the 50-period moving average. If the price breaks this support, it will drop to $1.85, $ 1.844 support lines. On the contrary, if it stays above the bottom line of the channel it will raise to the $1.866.
Here's the scoop: The Bank of England (BOE) is set to accelerate the pace at which it shrinks its balance sheet, according to one of its deputy governors. Currently, the BOE is unwinding about £20 billion of quantitative easing every three months. The goal is to reduce the stock by around £80 billion per year through active sales and maturing assets.
It seems like the Canadian consumer has a firm grip on their wallet, which is no surprise given the current economic climate. Inflation in April crept up from 4.3% to 4.4%, adding to the financial woes.
The next week will be rich in various news. Consumption in the US and Canada, the real estate market in the US, and inflation in the EU. What to expect, and how will this affect the markets?
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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