ONLINE FOREX BROKER
2020-08-20 • Updated
Strategically, the range of 1.3240 to 1.3330 has been capping the upside for GBP/USD since early 2018. That means, currently, the British pound is coming to test the two-year resistance against the USD. Will it break it? The USD has been weak lately, and the last several months saw it mostly lose strength against the GBP. But the British pound is facing Brexit and heavier-than-ever economic pressures because of the troublesome fundamental layout of the UK economy. Noting the expanding downside of the GBP/USD movement area, we may assume that is the GBP doesn’t manage to stay strong against the USD, it may go all the way down to 1.1350 and below to make yet another lower low. That would take months, though, so just keep that as a secondary scenario for the long-term horizon.
Tactically, GBPUSD formed a figure that resembles a head-and-shoulders chart pattern with resistances of 1.3270 and 1.3180. Following the logic of the pattern, we may see further drop down to the support of 1.3015 and even below. However, as the time span of the shoulders is uneven, watch the price dynamic in the coming hours and on Friday to verify the bearish move. The support of 1.3070 is not yet broken – until that happens, the upside stays the primary scenario.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
The previous year 2022, was undoubtedly tumultuous for the stock markets, with several stocks plummeting across multiple industries. Analysts have blamed the hard times on inflation, hawkish federal reserve policies, an impending global recession, and the ongoing crisis in Ukraine. This year, however, we're beginning to see some recovery in the stock markets. This article will find a few stocks worth buying this year.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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