GBP: April gains undone
The first days of May suggest the month will be risk-off for the GBP/USD. Here is why.
Turkish lira continues to weaken
Yesterday, Turkey's election authorities canceled the results of the municipal election after a win of the opposition CHP party. The decision was made after several attempts by the current president Recep Tayyip Erdoğan to recount the result of the elections. It provoked streets riots in Istanbul. Such political instability pulled the Turkish lira down.
At the moment, USD/TRY is targeting the resistance at 6.2. If the lira gains back strength, the pair will fall back to the support at 5.99. If this level is broken, the next key support will lie at 5.94. From the indicators' picture, ADX shows that the bullish market is overheated and RSI is moving within the overbought zone. If it leaves this zone, it may bring a selling opportunity.
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Read the daily report to get the full market wrap!
The ECB Interest Rate Decision: insights for the euro
The European Central Bank is holding a meeting on April 22 at 14:45 MT time. What to watch?
Will the BOC provide a boost for the CAD?
The Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time.
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