With EURUSD weak the GBPUSD has also been under pressure and moved lower. Today the pair broke the 1.3533 support after trading below rising trendline support on Friday. As usual, this former support is now a resistance level and rallies above it are unlikely to take place. It seems that the uprising on Capitol Hill has driven market participants to the USD, a liquid market that often offers relative safety during the times of uncertainty. The last two weeks of Trump’s presidency seem to be a good enough reason for the asset allocators to favour this safe-haven asset. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.
The next support at 1.3430 needs to be broken in order for the pair to move to 1.3343, a price projection based on wedging formation above the current price. Should Cable rally to 1.3533 resistance price action at 1.3533 resistance is a key to understanding the short-term market sentiment. If the sellers appear at this level and for the price lower, then it is more likely that the 1.3430 support gets violated and price projection will be reached. A rally above this key level 1.3533 would force a re-evaluation of the technical picture based on how strong the rally would be. EURUSD weakness is likely to have an impact on GBPUSD price action too. pen a VIP Black account with us. There are no per trade execution or monthly fees on our VIP Black accounts.
Recent macroeconomic data releases
- Canadian Ivey PMI 46.7, 53.1 expected
- US ISM Services PMI 57.2, 54.5 expected
- Canadian Employment Change -32.5K expected
- Canadian Unemployment Rate 8.7% expected
- US Average Hourly Earnings 0.2% expected
- US Non-Farm Employment Change 60K expected
- US Unemployment Rate 6.8% expected
- Canadian Employment Change -62.5, -32.5K expected
- Canadian Unemployment Rate 8.6%, 8.7% expected
- US Average Hourly Earnings 0.8%, 0.2% expected
- US Non-Farm Employment Change -140K, 60K expected
- US Unemployment Rate 6.7%, 6.8% expected
Important macroeconomic data releases this week
- OC Business Outlook Survey
You may access the times and dates in the economic calendar here.
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Chief Market Analyst
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