GBP/USD: outlook for April 24-28

GBP/USD: outlook for April 24-28

2019-11-11 • Updated

The pound strengthened to its highest this year after UK Prime Minister Theresa May called for a snap election on June 8, seeking a personal mandate and parliamentary support to take her through tough Brexit talks. Then, it was stopped by 50-week MA having failed to rise higher. Towards the end of the past week, GBP/USD traded lower as it was understood that Tuesday’s upside had been a bit exaggerated by a market and that the uncertainty over upcoming election might put the pound under pressure.

Next week, global sentiment amid risks surrounding Korean peninsula and France will likely be a key driver of GBP/USD currency pair, as the economic calendar is light. On Tuesday, pay a closer attention to the US CP consumer confidence report. US unemployment claims and durable goods orders will be released on Thursday. In the end of the week, keep an eye on the British preliminary GDP, US final GDP, and Chicago PMI.

After the Tuesday’s peak to 1.2900, GBP/USD retraced to 1.2800. The consolidation phase is still intact. There is a little scope for extension towards 1.2910, 1.2950. Most likely, the prices will continue ranging within 1.2860 – 1.2660 levels within the next trading sessions. A break of the lower border of the range might send prices towards supports at 1.2615, 1.2420.

Similar

Oil: Russia-Ukraine Crisis Could Boost Oil Prices
Oil: Russia-Ukraine Crisis Could Boost Oil Prices

Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...

Latest news

CAD: Markets Await GDP Release
CAD: Markets Await GDP Release

During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera