Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
GBP/USD: outlook for April 17-21
2019-11-11 • Updated
Sterling surged to 1.2575 in the course of the past week due to strong economic data out of the UK and lower USD. British manufacturers reported the fastest export growth in more than two years; UK consumer prices increased by 2.35 in March, average hourly earnings have finally edged up. Sluggish wage growth was cited as the major reason the Bank of England refuses to raise its interest rate despite surging inflation figures. The greenback was hit by Donald Trump punishing warlike countries for their military actions and talking down the nation’s currency at the latest press conference.
Next week pay closer attention to the Bank of England Governor Carney’s speech on Wednesday and Britain’s retail sales coming on Friday. From the US, we will get empire manufacturing index on Monday, building permits, housing starts and capacity utilization rate on Tuesday. On Thursday, keep an eye on the US manufacturing data, and don’t forget about the US Treasury Secretary Mnuchin’s speech scheduled for 8:15 pm MT time.
The technical outlook for the pair is bullish. It seems that sterling has time to regain its value before the official start of the EU-UK talks. On the upside, we see some strong resistances at 1.2575 (past-week high) and 1.2625 (200-day MA). A rollback is not ruled out, as the USD will probably try to win back its earlier losses. The immediate supports can be found at 1.2460,1.2415 (50-day MA) and 1.2380 (April 10 low).
Amid uncertainty driven by geopolitical events, oil prices surged to record highs. However, a correction in oil prices is observed with a gradual improvement in the situation in the Middle East and an increase in demand. The question facing investors is whether there are prerequisites for further price growth or if everything depends on the dynamics of the political landscape. In this article, we will explore the impact of recent events on the global oil market and the prospects for developing this crucial commodity sector.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...