Upside hopes for the GBP?
The British monthly GDP is announced on Friday at 09:00 MT time.
Market updates on November 12
Key events ahead
British Claimant Count Change – 11:30 MT time (09:30 GMT)
European ZEW Economic Sentiment Index – 12:00 MT time (10:00 GMT)
On Monday, GBPUSD rose to the resistance of 1.2873. Today, it has continued rising after a short correction. On the H4 chart of GBP/USD, the bulls may locate their additional resistance levels at 1.2873 and 1.2890 for the upward direction. The downward trend will have the possible support levels at 1.2806, 1.2790 and 1.2770.
The euro has also started the day rising against the USD. On the H1 chart of EUR/USD, the resistance level of 1.1038 is its closest mark for the bullish scenario. Otherwise, the support levels may be placed at 1.1027, 1.1025 and 1.1016.
The Australian dollar shows a very similar scenario in relation to the USD today. On the H1 chart of AUD/USD, after slumping down to 0.6837 it has risen back to the level of 0.6853. If it keeps the same upward direction, the bulls may locate their resistance levels in the range of 0.6857 – 0.6861. Otherwise, for the market reversal scenario, the support levels may be placed at 0.6848, 0.6845 and 0.6837.
Similar
Strong USD on Tuesday
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
Will the USD grow with the US labor market?
The US unemployment claims are out on Thursday at 15:30 MT time.
Latest news
ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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