The EUR made a significant rise on the news of the stimulus expansion. Will it last long?
Parliamentary Brexit vote may move the GBP
The endless Brexit loop continues to intrigue traders.Today, the main focus will be on the Parliamentary Brexit vote around 20:30 MT. If the deal by the UK PM Boris Johnson gets a good number of votes, the GBP may be supported. Otherwise, if the deal is rejected, the GBP will be under pressure. Reportedly, the second scenario may push Boris Johnson to call for an election. This news will also be negative for the GBP. At the moment, GBP/USD has been going up towards the 1.2985 level on H4. If the pound gets stronger, this level will be broken. Bulls will target the further resistance levels at 1.3011 and 1.3059. In case of a negative scenario, the cable will slide below the 1.29 level. Further support levels will be placed at 1.2864 and 1.2834.
April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
The first days of May suggest the month will be risk-off for the GBP/USD. Here is why.
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.