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A week of consolidation Ahead amid renewed USD strength
GBP/USD Technical Analysis - the pair has bounced back after making a new low for the year. The Pound has seen increased volatility as it looks to hold ground. Will Sterling continue to be undermined and make fresh lows again?
The start of November has been a dwindling moment for the general major currency market. As essential economic updates flood the surface of the entire foreign exchange market, in which most of the currency pairs especially the major pairs were greatly affected by the impact of the economic releases. However, the US dollar was discovered to have held the main currency exchange performance metrics as the central economic updates from the US region tend to have determined the significant changes that have occurred in the major currency market so far.
GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources - US Market Open
Though tentative, market participants latched on to nascent signs that trade war conditions may improve and the threat of recession is not as imminent as many fear. This would be the perfect opportunity for monetary policy to further leverage the uneven swell in sentiment. The ECB will start a run
GBPUSD continues to extend its retracement higher with the British Pound pushing higher as UK Parliament moves closer toward preventing no-deal Brexit.
The British Pound is clinging on to its recent rebound from multi-year lows following the latest Brexit development which puts MPs in control of Parliaments agenda and reduces no-deal Brexit risk.
GBP/USD Breaks Down to Flash Crash Lows on Brexit Showdown
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GBP/USD Price Outlook: Rebel MPs Attempt to Block No-Deal Brexit
The Sterling came under renewed selling pressure in response to the latest Brexit development with PM Boris Johnson aiming to strengthen his hand and steer the UK closer toward no-deal by suspending Parliament.
GBP/USD Drops on Brexit Latest, Crude Oil Prices Surge - US Market Open
The British Pound soared as “no-deal” Brexit bets cooled, but the GBP/USD dominant downtrend held on chart resistance. Disputes over the Trump-China phone call boosted the Japanese Yen.
Next weeks UK data vacuum will be filled by the latest political shenanigans with rumor and counter-rumor focusing on who is up to what, with who and why.
Fresh data prints coming out of the UK may do little to heighten the appeal of the British Pound amid the growing threat of a no-deal Brexit.
The July UK inflation report (consumer price index) is due out on Wednesday, August 14 at 08:30 GMT, but the data will continue to be overshadowed by Brexit.
The US Dollar may rise against the British Pound if preliminary UK GDP data spooks markets and causes investors to flock to the highly-liquid Greenback.
The British Pound faces major event risk with UK Q2 GDP data due for release Friday which looks to provide the latest health check on the British economy amid prolonged Brexit uncertainty.
US Dollar Outlook: GBPUSD, USDJPY FOMC Set-Ups
The GBP/USD is now exposed to March 2017 lows over rising concerns over a “no-deal” Brexit. Ahead, the anti-risk Japanese Yan may look past the Bank of Japan for more prominent risk.