The GBP/USD pair pulls back from short-term triangle support.
While a downside break can fetch the pair back to a multi-month low, formation resistance stands tall to question the recent advances.
A week-old descending triangle formation triggers the GBP/USD pair’s bounce off the support as it takes the bids to 1.2440 ahead of the UK open on Wednesday.
Boris Johnson won 66% of the votes yesterday and became the next UK prime minister as widely expected. He insisted he would “get Brexit done by 31 October”. The market didn’t have much reaction to this result, GBPUSD fall 0.23%.
There was a rebound in oil price because the US API crude oil inventory...
European stocks were moving higher on Tuesday, with a slew of upbeat earnings reports and expectations of policy easing by major central banks helping underpin investor sentiment.
The pan European Stoxx 600 was up 0.6 percent at 389.97 after closing 0.1 percent higher in the previous session.
The German DAX was rallying 1.1 percent, France's CAC 40 index was...
There was no significant movement on Monday. The USDCAD movement was relatively large due to the dropping monthly Wholesale Trend released by Canada. The forecasted Canadian sales rate was 0.8% and the actual rate was -1.8%.
As the market increased the bet on “no-deal Brexit”, GBPUSD continued to de...
Poland's unemployment rate dropped for the fourth straight month in June, data from Statistics Poland showed on Tuesday.
The unemployment rate fell to 5.3 percent in June from 5.4 percent in May. This was the fourth consecutive decrease in the rate.
In the same period last year, the jobless rate stood at 5.8 percent.
Registered unemployment decreased to 877,...
Japan's government maintained its economic assessment but lifted its view on industrial production, according to monthly report, released by the Cabinet Office on Tuesday.
The government repeated that the economy is recovering at a moderate pace while weakness continuing mainly in exports.
The assessment for industrial production was raised as the government...
Euro area banks unexpectedly tightened the conditions business firms should meet to get loans during the second quarter, due to an uncertain economic outlook, results of a quarterly survey by the European Central Bank showed on Tuesday.
By contrast, banks had expected credit standards to ease in the second quarter during the previous survey.
These are set to...
The instrument is trading at 0.7017 above the Cloud, which suggests an ascending trend. Testing of the upper border of the Cloud near 0.7010 is expected, followed by growth to 0.7120. Yet another signal of growth may be a bounce off the lower border of the ascending channel. The scenario may ...
On H4 the instrument has bounced of the strong resistance line at 8/8 and is now trading below 7/8. In this situation further decrease to the support at 5/8 is expected. The scenario will no longer be valid is 7/8 is broken through, which may entail growth to the resistance at 8/8.
On M15 th...
S&P500, Tuesday forecast, July 23
The uptrend may be expected to continue, while pair is trading above support level 2987.50, which will be followed by reaching resistance level 3003. An downtrend will start as soon, as the pair drops below support level 2987.50, which will be followed by moving down to support level 2977.50.
Weekly forecast, July 22 - ...