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Last week GBP/USD managed to stay above the support line since the start of the year. On Monday, however, bears almost wiped the pound’s recovery.
The pair is driven mainly by the UK political news. Turbulence surrounding Prime Minister Theresa May’s government is growing. Firstly, there was a string of scandals leading to two resignations from the cabinet during one week. Then a report came that 40 Conservative MPs are readying a leadership challenge. 8 more votes are needed to force May from office and replaced by another Conservative.
As a result, traders doubt that this government will be able to secure a strong deal in negotiations over Britain leaving the European Union. Comments of Brexit minister David Davis over the weekend emphasized the lack of progress in Brexit negotiations. Political uncertainty is expected to remain high in the near-term. This is going to keep hurting the pound.
Economic news from the UK was rather good. Manufacturing output rose by 0.7% in September, easily beating expectations of a 0.3% increase. Britain’s trade deficit has narrowed, partly due to a rise in exports to European countries. This week watch CPI data and Bank of England Governor’s speech on Tuesday and Thursday, labor market data on Wednesday and retail sales on Thursday.
GBP/USD once again failed to get above 100-week MA now at 1.3225. A daily close below support at 1.3070 will open the way down to the psychological level of 1.3000 and then to 200-day MA at 1.2870. As for resistance, it also lies at 1.3265 and 1.3330.
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!…
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.
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.
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