Trade Successfully
The Bank of England will announce its latest policy decision on Thursday at 1100 GMT and is widely anticipated to hold rates at 0.75%. Ahead of the BoE’s announcement, retail sales numbers for May will be watched at 0830 GMT. But with recent remarks by BoE policymakers reaffirming the Bank’s
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GBP/USD revives downtrend; bearish in the short and medium-term. GBP/USD reactivated the downtrend started from the 1.3380 level to reach a fresh six-month low of 1.2510 on Tuesday. Technically, the pair could lose further momentum as the MACD is crossing below its red signal line. However, with the RSI rebounding on its 30 oversold level
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Central bank meetings will be front and center next week as the Federal Reserve, Bank of England and Bank of Japan convene for their policy decisions. The Fed will likely grab the most attention amid intensifying expectations of a rate cut. In terms of data releases, the main focus will
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GBP/USD weakens below 20-day SMA; next support is 1.2600. GBP/USD failed several times to jump above the 20-day moving average and the 23.6% Fibonacci retracement level of the downward wave from 1.3380 to 1.2560, near 1.2753, suggesting weak momentum in the daily timeframe. The negative to a neutral bias in the near term is
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As the global growth outlook darkens again, traders will be paying attention to the slew of data that are expected out of China, the United Kingdom, and the United States next week for clues on how major economies are withstanding the increased trade uncertainty. Important indicators are also due from
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The past four weeks have been the hardest so far this year for the British pound but also for UK manufacturers, the IHS Markit/CIPS readings showed on Monday. According to analysts, the survey for the services sector might bring better results on Wednesday at 0830 GMT. Still, the outcome may not
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GBP/USD recoups losses but downside risks not faded yet. GBP/USD switched to recovery mode after bottoming to a five-month low of 1.2558 on Friday. With the RSI strengthening above its 30 oversold level and the MACD surpassing its red signal line, the pair may gain further ground in the short-term. Yet downside risks remain as
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As the US dollar heads for fresh two-year highs, next week’s nonfarm payrolls report could be key in deciding whether the dollar’s persistent strength will hold out for much longer. The Australian dollar will also be under the spotlight as the country’s central bank could make its first rate cut
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GBP/USD bears remain into play around the 4½-month low. GBP/USD is remaining under pressure during this month and it completed a fresh four-and-a-half-month low around 1.2600 in the preceding week. Currently, the pair has been holding beneath the red Tenkan-Sen line as well as below the 23.6% Fibonacci retracement level of the
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As trade tensions continue to simmer and there’s no end in sight to the Brexit turmoil, risk sentiment will probably remain the biggest driver for forex markets in the coming week. But there will still be several market-moving events for investors to keep a watch on. PCE inflation numbers from
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