|Day's Range||147.47 - 147.59|
|52 Week Range||139.446 - 156.087|
The British Pound continues its fall on Wednesday morning, trading at 1.3087, down 0.18%. The pound falls on reports that Theresa May could face a defeat on the latest Brexit Vote.
The European Union and Japan signed a historic deal on Tuesday that will remove any tariffs on products they exchange.
The British pound was noisy during the session on Tuesday, crashing into the ¥148.50 level, an area that has been important more than once. As I record this, we are sitting right on that level and testing the gap that opened the week. Because of this, we could get a larger move.
The pound sterling has been trying to strengthen over the last few days but has not succeeded so far. The major fear of the pound traders lies in Brexit negotiations which are paused or disputed every now and then. Jobless claims in the UK rose by 7,800 against the expectations at 2,300 and the previous number of 7,700.
The British pound rallied during the trading session on Monday, reaching towards the ¥149.50 level. The market seems a little bit overextended at this point, and most certainly we do have a major psychological barrier above at the ¥150 level.
The British pound rallied significantly during the week, after initially dipping against the Japanese yen. It looks as if the Japanese yen will continue to get pounded, mainly because it is obvious that with the inverting yield curve, the Bank of Japan will not be tightening monetary policy anytime soon.
The British pound initially fell during the day on Friday, breaking down towards the ¥147.50 level before turning around and showing signs of life. The market looks as if it is trying to go higher though, as the Americans, board.
The British pound continue to climb against the Japanese yen during trading on Thursday, as the Japanese yen was hammered by several currencies around the world. It looks as if we have reached the ¥140.50 level, an area that has been important at one point. However, I think that we more than likely will continue to see buyers coming in on dips as they represent value.
The British pound was flat during most of Wednesday against the Japanese yen, hovering around the ¥147.25 level. We did initially dip during the day but found enough support to bounce towards his level and essentially sit still. This is a market that’s probably going to be a bit difficult in the short term, because we have so many headlines around the world that could affect risk appetite.
The British pound rallied slightly against the Japanese yen on Tuesday as we approached the ¥147.50 level. This is an area that has been resistive in the past, but I think will be overcome if we can continue to get more of a “risk on” attitude around the world.
It’s been a very lively and busy few days in the UK. There are many scenarios and opinions flying about at the moment, but what do we make of the current situation? Let’s take a step back and look at the facts.
Cable (GBPUSD) took a hit yesterday as Boris Johnson resigned from the Cabinet following the earlier decision by David Davis to part ways with his post as Brexit Secretary. Global stocks rise on Tuesday morning ahead of US earnings season.
The full impact of the move has yet to be priced in with the possibility that PM May now places a more “enthusiastic believer” in the role which could result in a shift in Brexit negotiations going forward.
The British pound has done very little against the Japanese yen during the week, which of course makes a lot of sense as there was a major “risk” event coming out on Friday in the forms of the US jobs number, but also, we have a lot of concerns when it comes to the Asian markets with potential trade wars.
The British pound rally slightly against the Japanese yen during trading on Friday after the positive job report of the United States which kicked off a bit of a “risk on” attitude. However, there is a significant amount of resistance above in the form of the top of the shooting star from Thursday, and at this point it does not look like we are going to be able to break above that.
The British pound rallied significantly against the Japanese yen during the trading session on Thursday, breaking cleanly above the ¥146 level. However, today is the jobs number coming out of the United States, and that of course will have a major influence on the risk appetite of the next couple of days.
The British pound rallied a bit during the day on Wednesday, testing the vital ¥146 level. That’s an area that has been resistance recently, and therefore I think it’s only a matter time before the market has two make up its mind for longer-term move, but with the Americans away for Independence Day, it makes sense that it wasn’t going to happen during Wednesday.
In case the U.S. holiday & upbeat UK Services PMI manage to propel the pair beyond 1.3230 barrier, the 1.3270 and the 1.3300 are likely following numbers to appear on the chart ahead of highlighting nearly two-month old descending TL, at 1.3335 now. On the contrary, pair’s failure to surpass the 1.3230 hurdle can drag it back to 1.3170 and then to the ascending TL support of 1.3130. GBPJPY’s latest advances, as portrayed by an immediate upward slanting trend-line, seems helping the pair to again confront seven-week long descending trend-line resistance of 146.25.
The British Pound is looking rather sad on the currency market today. It’s not only because of the USD behavior, that puts pressure on other traded currencies. Another reason is that investors are trying to avoid any risks that are connected with the Pound, including the Brexit complications.
The British pound has been very active against the Japanese yen during trading on Tuesday, as we dance around the ¥146 level. This is an area that has featured a bit of resistance in the past, and as I record this we have not broken out quite yet.
The British pound fell against the Japanese yen during trading on Monday to start the week, as we have started out with a “risk off” move. Overall, the market has seen a significant rally as of late, but as we continue to worry about tariffs, this continues to weigh upon anything relating to risk appetite.
The British pound spend most of the week struggling but got a bit of a reprieve during Friday session as the Europeans have announced that they have come to an initial agreement when it comes to migration. This of course started a “risk on” rally, which of course is good for the pair.
The British pound has exploded to the upside against the Japanese yen during the trading session on Friday as it was announced that the EU had come to an initial immigration agreement. By doing so, it kicked off a “risk on” rally, and now it looks as if we are trying to build up enough momentum to overtake the ¥146 level again.
Dovish comments from incoming BoE policymaker Jonathan Haskel earlier this week hit expectations for an August rate hike as he said there may be more slack than previously thought in the UK economy.
GBPUSD’s uptick after welcome UK GDP print isn’t a strong sign for the pair’s further advances as a fortnight-long descending trend-line, at 1.3230, followed by the 1.3310 and a bit broader TL resistance, at 1.3360, are still untouched.