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GBP/USD managed to strengthen during the last week. Such move was largely due to the weakness of the US dollar.
On the pound’s side, the market keeps waiting for some Brexit news. The main issue is that the European Union wants Britain to pay for its exit, and Britain considers the sum too big. There were media reports that Theresa May managed to convince members of her cabinet to increase the offer. Such rumors helped the pound strengthen. Note, however, that the general public in the UK will likely oppose such decision. The Office for Budget Responsibility (OBR) cut Britain’s growth forecasts. This, however, was no surprise for the market, so it didn’t hurt the pound.
British events to watch for in the upcoming days include the release of bank stress tests results and Inflation Report hearings on Tuesday and manufacturing PMI on Friday. Seven largest British lenders are expected to pass the tests, although the results will reveal how much spare capital they can return to investors.
It seems that this year’s support line at 1.3150 has once again managed to limit the downside. If the pair stays above 1.3300, it will be able to get towards 1.3450/1.3500, where it will find a major resistance. Support is at 1.3250 and 1.3150.
This week traders await earnings of Bank of America and Netflix. In addition, there will be important data releases for GBP/USD. Oil may test yet higher levels. Watch the video to get trade ideas for Forex, stocks, oil, and gold!
After the hawkish FOMC Meeting, traders await more triggers for the US dollar…
How will the Federal Reserve, the Bank of England, the Bank of Japan, and the Swiss central bank move the market? Watch the weekly video to find out and get trade ideas for Forex pairs, oil, gold, and S&P 500!…
More reports, the start of a rally in crypto, outlook for gold and forex. This week is full of impactful releases, and we are here to trade on them.
Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!
This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.
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