|Day's Range||1.331 - 1.338|
|52 Week Range||1.1995 - 1.3616|
The mid-term is divided between green and neutral signals, and the daily outlook is back to neutral. The interbank is neutral as well at less than 11% long, matching the 1 and 24-hour models. Mid-term brings 5 sell prompts, and the long-term is split between red and neutral models.
Gold has been under pressure and continues to test important short-term support. U.S Crude Oil has been able to gain. After initially gaining in early trading on Monday, the British currency reversed lower and has maintained its weaker path against the U.S Dollar.
Markets were somewhat lackluster on Monday, and that trend appears set to continue Tuesday as traders await a host of Central Bank meetings starting on Wednesday, with the Federal Reserve expected to hike rates at their last FOMC meeting of 2017.
Effectively this market will continue to be volatile in today’s session as the outcome of FOMC meeting on rate hike will come on Wednesday. If the statement from FOMC comes little hawkish, then this market will rally further towards the 1.20 level, and then eventually at 1.21 level.
The British pound continues to be noisy, drifting a little bit lower during the trading session on Monday, but seems to have support just below.
Investing.com – The dollar was mostly unchanged against a basket of major currencies on Monday after data showed US employers posted fewer job openings than expected in October, pointing to signs of possible weakness in the labor market.
The dollar fell against a basket of the other major currencies on Monday but was held up slightly by expectations of higher interest rates. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged down 0.07% to 93.77 by 11:52 AM ET (16:52 GMT). The Federal Reserve is expected to raise interest rates at its two-day policy meeting this week but disappointing wage data could weigh on the pace of interest rate hikes next year.
Investing.com - The dollar edged lower against a basket of the other major currencies on Monday but remained supported by expectations of higher interest rates, while bitcoin prices jumped as futures trading in the digital currency got underway.
Traded volume is in line with the monthly average, and the neutral trader’s sentiment stands at 11% short. Trading has been slow, and the neutral trader’s sentiment stands at 5% long. This pair sees a quarter less funding than usual, and the sentiment is neutral at 8% short.
Investing.com - The dollar was steady against a basket of the other major currencies on Monday but remained supported by expectations of higher interest rates, while bitcoin prices surged as futures trading in the digital currency got underway.
The market was slightly negative during the Friday’s session as it reached the 1.733 level. The market is expected to bottom out near the 1.17 level as it has been the bottom of long-term consolidation. The buyers are likely to take the grip of this market as overall sentiments of the market is bullish. The break above 1.18 level will send this market much higher towards the 1.21 level. Any pullbacks in the market is an excellent buying opportunity in this market. …Read MoreGBP/USD
The Pound continues to get plenty of attention from traders as political concerns fester. The BoE, ECB, and Fed will all announce monetary policy decisions the middle of this week. Gold remains under pressure and will see increased speculation this week.
With no impactful economic data releases on the calendar today, the markets are focusing on a plethora of Central Bank meetings scheduled this week.
The US Dollar strengthened during the previous week on US tax reform and Friday’s non-farm payrolls data showed the economy created more jobs than expected in November.
GBPUSD pair likely to be highly volatile next week as Brexit news, FOMC and BOE rate announcements are expected to dominate the headlines
GBP/USD continues to be very volatile as we work our way through the negotiations, but I believe that longer-term we have rather bullish pressure that should eventually causes market to break out.
There’s red across the table for the Euro/Dollar, which sees 6 sell prompts in both the short and long-term and no less than 7 bearish signals in the mid-term, but, in contrast, the interbank is neutral at less than 12% long. Dollar/Yen has bullish models prevailing in all three time ranges, with 6 buy prompts in the short-term, 7 in the mid-term and 5 in the long-term, and they indeed are in line with the more than 23% long interbank. Pound/Yen also has green signals dominating across the chart, as it sees 5 buy prompts in both the short and long-term and 7 in the mid-term, but they are not supported by the interbank, which is neutral at less than 11% long.