Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
GBP: gaining versus others currencies
2020-08-14 • Updated
The British pound surged higher amid the optimistic news of the upcoming Brexit agreement. Recently, David Frost, the chief EU-UK negotiator, claimed that the deal may be done in September. Just to remind you, the deadline is scheduled for December 31. Meanwhile, it’s always the EU, which makes final decisions. The UK had already broken the promise to end Brexit talks in July. Therefore, the EU’s initial deadline for October seems more realistic. Elsewhere, two countries still have some disputes over the fishing waters, the UK’s sovereignty, the country’s laws and courts. Nevertheless, the fact that the Brexit agreement may be reached earlier than the deadline has calmed the market.
Moreover, the coronavirus has been taken under control in the United Kingdom, unlike other European countries, that recorded increasing infections. The UK was one of the last ones to impose a lockdown, but it kept strict restrictions for longer time. Thus, now when businesses have reopened, the British economic activity should improve significantly in the second part of the year and may even outperform other countries. Let’s look at the charts.
GBP/USD is trading above 1.3000. There is an initial resistance near the 1.3120 level, the pair bounced off this level several times. If GBP/USD breaks it through, it may surge to the next resistance at the high of August 6 at 1.3160, which the pair has failed to cross two times already. On the flip side, if the US dollar gets stronger, the pair may fall to the yesterday low at 1.3050. The move below this level will push the price lower to the support line at 1.3020. Follow further news!
Amid uncertainty driven by geopolitical events, oil prices surged to record highs. However, a correction in oil prices is observed with a gradual improvement in the situation in the Middle East and an increase in demand. The question facing investors is whether there are prerequisites for further price growth or if everything depends on the dynamics of the political landscape. In this article, we will explore the impact of recent events on the global oil market and the prospects for developing this crucial commodity sector.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...