2019-11-11 • Updated
The pound slumped to 1.2635 after the Conservative lost its parliamentary majority in a general election, throwing the UK into political turmoil and potentially disrupting Brexit negotiations. Before the election, the UK was set to start negotiations in June and leave the block by the end of March 2019, now this Brexit process will likely be delayed.
Next week will be really eventful for the GBP/USD. On Tuesday, traders will closely watch Britain’s inflation data coming at 11:30 am MT time. Further, we will receive average earning index, claimant count and an unemployment rate for the UK on Wednesday. On Thursday, the Bank of England is set to deliver its official rate. While taking the decision on its interest rate the BoE’s policymakers will likely take into consideration the data released earlier in the week. No matter what headlines we get on the inflation and labor market figures, the BoE will likely remain its monetary policy settings unchanged making reference to the heightened uncertainty over the Brexit process. The key event in the US is Federal Reserve meeting scheduled for June 14. The probability of the rate hike reached 95.8%. The minutes from May 2-3 meeting showed that Fed’s policymakers are ready to increase rates if they receive enough evidence confirming the economic growth and inflation pick-up. In a case of the rate hike, the USD will strengthen against the currently vulnerable GBP.
Technically, the pair managed to rebound from 38.2% Fibonacci retracement level of 1.1985-1.3046 recent up-swing. Stochastic shows that GBP may still go lower in the short-term, a successful break of the 1.2700 handle may send quotes towards 200-day SMA support near 1.2575 or lower towards 50% Fibo level traced from this year low (1.1985).
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...
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
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
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!
|
