Pounded Pound Stages Relief Rally On Strong UK Data
The pound, already out of favour ever since the Bank of England’s last policy meeting a couple of weeks ago, fell further yesterday in response to softer-than-expected UK inflation figures.
Brexit
GBPUSD Slumps As BoE Votes 6-2 To Hold Policy Unchanged
The Bank of England has left interest rates unchanged with only two of its MPC members voting in favour of a hike this month.
GBPUSD Countertrend Play Jun 30, 2017
The ascending channel on Cable’s daily time frame is still intact and price is heading towards the resistance around 1.3400. A countertrend opportunity could arise if reversal candlesticks form around this area.
GBPUSD Could Drop Below 1.26 If BoE Is Dovish
The Bank of England’s Monetary Policy Committee is almost certain to keep interest rates unchanged today despite inflation rising well above its 2% target.
China 2017 Growth May Further Slow Down
China’s economic growth may continue to slow in 2017 to 6.5 percent before possibly bottoming out in 2018, a new report showed Monday.
Brexit – Pound Surges On High Court Ruling re Article 50
Forget the Bank of England meeting today, it is all about politics as far as the pound is concerned.
(Not So) Precious Metals
As we highlighted the possibility on Monday, gold took a big plunge below the psychologically-important and support level of $1300 per ounce yesterday. The breakdown triggered further follow-up technical selling, causing gold to fall for a time below $1270 per ounce.
Dollar Extends Gains In A Busy Week For US Data
The dollar has staged a broad-based rally today, which caused the GBP/USD to tumble to a new 31-year low and the EUR/USD momentarily dipped below its 200-day moving average once again.
Gold Trading Lower And Now Testing Key Level…..Again
The metronomic price action for gold is continuing to play out once again on the daily chart, with the rally of late September starting to wane once again, as the precious metal descends once more to test the all important technical support area in the $1308 per ounce region in early trading.
Brexit-Hit Pound Stages Modest Rebound On Manufacturing Surprise
News that the UK manufacturing activity in September hit its highest level since June 2014 has provided a welcome relief for sterling.