Trade Successfully
Monthly GDP growth readings for the month of August will come out of the UK on Thursday at 08:30 GMT and forecasts argue for a pullback in expansion as recent data out of the services sector have already warned. While the Brexit turmoil is holding the central bank’s hands tied,
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GBP/USD has consolidated around 1.2293, which is the 23.6% Fibonacci retracement of the down leg from 1.3381 to 1.1957, as directional momentum has dried up. The pair is trading within a short-term range of 1.2205 – 1.2415, with the price, also being squeezed between the 20- and 50-day simple moving averages
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GBP/USD blocked by support near the oversold area. GBP/USD has paused its sell-off just above the 200-period simple moving average (SMA) and near three-week lows in the four-hour chart. But the falling Tenkan-sen suggests that the bearish action has more room to run. The RSI is backing this view as well, though it also
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The highest court in the United Kingdom has landed a fresh blow for Prime Minister Boris Johnson after it ruled that the government’s decision to suspend Parliament was unlawful. The surprise ruling cut Johnson’s trip to New York short where he was hoping to meet his EU counterparts on the
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GBP/USD fails to conquer swing high; reverses back below 100-SMA. GBP/USD bears took control, pivoting the pair around the swing peak of 1.2578 from July 12. The price correction has slipped underneath the 1.2500 level and the 100-day simple moving average (SMA), the former being, the 38.2% Fibonacci retracement of the down
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Unlike its major counterparts, the Bank of England (BoE) is not expected to join the dovish camp on Thursday when it announces its rate decision as the country has more Brexit developments to chew on. And while stable interest rates are better than an unexpected rate cut for the volatile pound, this week’s
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GBP/USD pauses rally at 1.2500; bearish signals are not convincing yet. GBP/USD had a weak start to the week as the 1.2500 level did not allow Friday’s big rally, that ended above the Ichimoku cloud, to continue. The price is currently located lower around 1.2400, with the falling RSI warning over a softer trading
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GBP/USD bulls trying to gain ground as 50-SMA breached. GBP/USD met a roadblock at 1.2380 after a recent one-week drive up from a thirty-one-month low of 1.1957. The price climbed above the 50-day simple moving average (SMA) and the 1.2293 resistance, which is the 23.6% Fibonacci retracement level of the down move from
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The labour market data will be watched out of the United Kingdom on Tuesday just as Parliament has suspended again only a week after returning from the summer recess. The employment report, due at 08:30 GMT, comes after today’s data pointed to a small bounce in UK growth in July.
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GBP/USD bearish signals strengthen within descending channel. GBP/USD could not sustain its recent rebound as the upward line of the descending channel proved hard to break, with the bears leading the price slightly below the key level of 1.1986 and to new 31-month lows on Tuesday. Technically, the negative momentum could stay in
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