Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/JPY awaits to perform a rebound
2019-11-11 • Updated
The GBP/JPY pair has been staying in a bearish tone since January 8th. Currently, it’s testing the Fibonacci level of 78.6% at 152.15, where we could expect a rebound in order to follow the overall bullish bias towards the resistance level of 154.11, at which lies the -23.6% Fibonacci target. To the downside, a break below 151.76 should expose the December 22th lows around 151.00.
RSI indicator stays in the oversold territory.
What happened? Japanese shares fell on Monday…
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.