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...
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.
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Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
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
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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...