|Day's Range||1.268 - 1.269|
|52 Week Range||1.2481 - 1.3360|
The British pound has initially tried to rally during the trading session on Tuesday but has ran into a significant amount of resistance above at the 50 day EMA. By doing so, it looks very likely that we are going to roll over from here. However, there are always two possible scenarios at the very least.
London markets ticked down Tuesday as Conservative Party leadership frontrunner Boris Johnson’s campaign floundered. Former U.K. Foreign Secretary Boris Johnson faced rising scrutiny as he campaigned for leadership of the Conservative Party. Johnson, who most pundits and polls expect to become the next Prime Minister, hit back against reports of domestic turmoil with his girlfriend, Carrie Symonds, saying it was none of the public’s business.
EUROPE MARKETS European stock markets ticked down Tuesday as U.S. and China representatives began signalling ahead of the G-20 summit. How did markets perform? The Stoxx 600 (XX:SXXP) dipped 0.1% to 383.
GBP/USD pushed higher in early European trading to levels not seen since late May. The pair is threatening to break a critical resistance level that could lead to renewed upside momentum.
Based on the early price action, the direction of the September U.S. Dollar Index on Tuesday is likely to be determined by trader reaction to Monday’s close at 95.487. If the Euro posts a reversal top then look for the index to post a reversal bottom.
Negative comments ahead of trade talks and rhetoric from Iran in response to the prospect of sanctions dampen the mood ahead of the European open.
Investing.com -- The dollar continued its decline in early trading in Europe Tuesday, with the yen and euro strengthening as traders anticipate the erosion of the interest rate premium on dollar assets.
The British pound initially tried to rally during the trading session on Monday but has found the 1.2750 level to be too much in the way of resistance yet again. That being the case, it looks as if we are trying to continue the downward momentum.
After an impressive surge higher on Friday, GBP/USD has fallen back a bit from a horizontal level that has held it back for a month. With the momentum behind the recent rise, I suspect the pair will look to break higher sometime this week.
It’s a mixed start to the day as the markets look to gauge what’s next for Iran. Any retaliation to new sanctions will need to be looked out for…
There has been a handful of good data released in the United Kingdom in recent weeks but it would be misleading to see this as a sign that growth is on the verge of a prolonged rebound.
Wednesday’s Fed rate cut hints on “an accommodative” stance continued to weigh over the Index. German June Markit Manufacturing PMI reported above estimates. The USD/CAD pair was showing some slight recovery movements throughout the day.
The British pound initially fell during the week, reaching down towards the 1.25 handle. However, we have turned quite a bit of buying pressure in that area, sending this market closer to the 1.2750 level again. That is an area of resistance, so the question is where do we go next?
LONDON MARKETS London markets were flat as geopolitical tensions could not dent the week’s central bank-driven rally. How did markets perform? The U.K.’s FTSE 100 (UK:UKX) was also flat, trading at 7,426.
EUROPE MARKETS European markets were slightly positive as geopolitical tensions could not dent the week’s central bank-driven rally. How did markets perform? The Stoxx 600 (XX:SXXP) was flat at 386.2, after climbing 1.
After a roughly 200 pip rally from lows, GBP/USD seems to have lost some upside moment, ahead of a critical resistance level. With a relatively light economic calendar in the session ahead, I think a range may develop.
Hopes for a speedy reduction in the Fed’s interest rates and the ECB’s readiness to ease its policy this week generated a rally in the stock markets. As a result, S&P500; updated its historic highs on Thursday.
Conservative Party members have their final 2. Can either really successfuly navigate Britain out of the EU or is it going to be another General Election…
Investing.com -- The dollar showed signs of a modest bounce in early trading in Europe Friday on a weaker-than-expected business survey from Japan and persistent fears of conflict between the U.S. and Iran.
A few moments ago, Iran attacked a US military surveillance drone flying over the Strait of Hormuz increasing war fears. Jeremy Hunt would compete with Boris Johnson for the next UK PM position.