British Pound Under Pressure

British Pound Under Pressure

2020-10-23 • Updated

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GBPUSDM30 (2).png

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.

GBPJPYM30 ich.png

Fibonacci Levels

XAU/USD: Gold moves below 38.2% retracement level. It seems that gold bulls still struggle to move higher.

XAUUSDM30 fib.png

EU Market View

Global stocks barely budged on Friday as investors tightened positions with less than two weeks to go before the U.S. presidential election and awaited a breakthrough in stimulus talks in Washington.

Looking ahead, highlights from macroeconomic calendar include UK Retail Sales, Eurozone, UK, and US PMIs (Flash), CBR Rate Decision; S&P reviewing Greece, UK and Italy.  The final Presidential Debate prompted little market action, but was overall structured, civilized and touched upon policy.

EU Key Point

  • China's FX regulator said the CNY is more stable than expected and has maintained relatively high flexibility
  • US President Trump said a COVID-19 vaccine is ready and will be announced in the coming weeks, but it is not a guarantee
  • France's Le Maire: Q4 will show negative figure for French economy

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Similar

Dollar hits new 31-month low

U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.

EUR/GBP: Bullish trend remains strong

A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.

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