Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
2019-11-11 • Updated
SELL 1.7015; TP1 1.6960; TP2 1.6925; SL 1.7040
BUY 1.7115; TP1 1.7170; TP2 1.7240; SL 1.7090
Today the Bank of England will announce its statement at 15:00 MT time. Although it’s hard to imagine positive comments for the GBP, anything can happen.
If you want to make use of the volatility related to the pound, you can pick a pair that is not mainstream like GBP/CAD. It came to the resistance line (1.7095) for the third time. There’s room for correction to 1.6960/25 area if the pair slide below 1.7015. On the other hand, an increase above 1.7115 is needed to open the way up to 0.7240. The main scenario is bearish.
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
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The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.