GBPUSD on shay footing amid political turmoil in a key week
Today’s going to be a quieter session in terms of economic news, ahead of key events later this week. There are however at least three factors that need to be watched closely.
Pound
Pound tumbles then bounces as FTSE hits record
What a comedy show this is turning out to be. Last night saw sterling tumble after research by the Times newspaper and YouGov suggested that there could be a hung parliament.
GBPUSD Forecast May 2, 2017, Technical Analysis
The British pound continues to march higher during the Monday session, and as you can see I have a trendline on the hourly chart showing that we have seen buying pressure again and again.
Dollar Unlikely To Go Down Without A Fight
Financial markets opened in a bit of a panic mode overnight in the wake of Trump’s failure to repeal Obamacare. Stock index futures slumped while the dollar index fell to its lowest since mid-November as the yen and euro both gapped higher. The dollar’s losses steepened after the London open as the GBP/USD climbed to near 1.26 handle and EUR/USD neared 1.0900. European stock indices bounced off their lows slightly.
GBPUSD Daily Analysis – March 22, 2017
GBPUSD continued its upward movement from 1.2109 and the rise extended to as high as 1.2494.
GBPUSD Forecast December 13, 2016, Technical Analysis
The GBPUSD pair rallied on Monday, as the US dollar softened a bit overall.The 1.27 level above could be resistive yet again, but I think the real massive “ceiling” in this market is closer to the 1.2850 level above.
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.
GBPUSD Daily Analysis – September 26, 2016
GBPUSD’s downward movement from 1.3445 extended to as low as 1.2914.
GBPUSD Daily Analysis – September 16, 2016
GBPUSD is facing the resistance of the downward trend line on 4-hour chart.