GBP is in focus
Follow the BOE monetary policy and rate statements on August 6 at 14:00 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.
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How to trade on August 4?
The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
All eyes on AUD
The RBA will make a rate statement on August 4 at 7:30 MT time.
Latest news
What drives the market on August 10?
The market has started the week with a mixed sentiment…
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
Main market movements on August 6
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
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