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GBP/USD is edging higher inside the ascending channel. If the BOE reduces asset purchases, the pair may break above 1.4000, which will open the way up to the high of February 24 at 1.4150. In the opposite scenario, the move below the recent low of 1.3800 will press the pound down to the lows of early April at 1.37000.
The Bank of Canada has already cut its bond-buying recently. Just look how the Canadian dollar gained on that hawkish move. USD/CAD is going down and down. Besides, the CAD was supported by rising oil prices as Canada is one of the world’s largest exporters. CAD/USD is getting closer to the psychological support of 1.2200, where the falling may stop as the RSI indicator has almost gone below 30.00, signaling the asset is oversold. If it then reverses up and breaks through yesterday’s high of 1.2310, the way up to the 50-day moving average of 1.2520 will be open.
Gold is approaching the key psychological level of $1800 and it looks like it’s ready to break it. The move above it will drive the metal up to the high of February 23 at $1815. On the flip side, if XAU/USD falls below the level of the recent lows at $1770, it will fall to the next support of $1750.
Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
The Bank of England will release its statement and announce its monetary policy decision at 14:00 MT.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Good news for FBS Traders! Top UK stocks have been just added to our platforms: MetaTrader 5 and FBS Trader App.
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