Weekly Forex Outlook: October 22-26, 2018

Will the GBP recover from the dead-end in the Brexit deal? The GBP/USD pair plunged because of the negative comments on the Brexit deal. The week won’t bring a lot of economic data for the pound, as a result, there are risks of the fall. The pair is anticipated to trade in the horizontal channel. Key levels for the GBP/USD pair are 1.3263 and 1.2916. The fall below 1.2916 will be highly negative for the pair.

What to expect for the euro? Again the euro suffers. The Italian budget issue weights on the currency a lot. If the pair appears below 1.1430, the next support will be at 1.13 – August lows. If the US economic data are weak, the pair will have chances to recover. The first significant resistance will be at 1.1580.

Will the rate hike pull the Canadian dollar up? Ahead of the rate hike, the Canadian dollar is anticipated to rise. It will pull the USD/CAD pair down. The key support is at 1.2932. If the US economic data are strong, the pair won’t fall so low. There will be a chance of the rise to 1.3172.

Let's have a look at the economic calendar. The week isn’t full of important economic events.

Only since Wednesday, we will get significant events to trade on. The Bank of Canada will release the interest rate. Be ready to trade before the release, as the rate hike will be already priced in. If only the central bank cancels a rate hike, the Canadian dollar will plunge.

On Thursday, the European Central Bank will hold a meeting. Any changes in the interest rate are not anticipated. However, comments of the bank will affect the direction of the euro. Also on Thursday American Durable and Core durable good orders figure will be out.

Friday will offer a chance to trade the USD on the Advance GDP data.

Similar

Latest news

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera