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.

Join now our VIP program at www.TIOmarkets.com. We want you to be able to exploit trading opportunities in financial markets with 0 commission and tight spreads. Take advantage of the best trading account in the industry: Tiomarkets VIP Black. For more details on this truly exceptional offering see here. For more analysis and commentary, visit our YouTube channel where you can find daily market commentary videos to support your learning and growth as a trader.

Trade Safe!

Janne Muta
Chief Market Analyst
TIOmarkets.com

TIOmarkets offers exclusively consultancy-free service. The views expressed in this blog are our opinions only and made available purely for educational and marketing purposes and do NOT constitute advice or investment recommendation (and should not be considered as such) and do not in any way constitute an invitation to acquire any financial instrument or product. TIOmarkets and it’s affiliates and consultants are not liable for any damages that may be caused by individual comments or statements by TIOmarkets analysis and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his/her investment decisions.

The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with any legal requirements for financial analyzes and must, therefore, be viewed by the reader as marketing information. TIOmarkets prohibits the duplication or publication without explicit approval. FX and CFDs are leveraged products. They are not suitable for every investor, as they carry a high risk of losing your capital. Please ensure you fully understand the risks involved.

Best pair to trade today Best stocks to trade right now Best time to trade Best time to enter a trad

Janne Muta
Author

Write A Comment

X

Get our latest market analysis by email, daily