Market Commentary

GBPUSD - Near 1.29 after No Confidence Vote and Despite Massive Brexit Defeat

on January 17, 2019 | By Stuart McPhee | GBPUSD

In the last month the GBPUSD has slowly but steadily climbed higher from a two year low below 1.25 up to the current key level of 1.27 and beyond, reaching a two month high above 1.29 in the last few days. As expected it met some resistance from the 1.27 level in the last few weeks as multiple attempts to push higher were thwarted and now that it has cleared, it is now experiencing some support from this same level.

Market Recap: 7 - 11 January

on January 14, 2019 | By Stuart McPhee | USDCAD, GBPUSD, US30, UKOil

On Tuesday last week we covered UK Oil which since writing has continued to move higher to multi-week highs above $62, before easing a little to start the new week. The current key level remains $58, as it has met some resistance at this level around a week ago and eased lower, which was to be expected after this level offered strong support to oil to finish last year.

GBPUSD - Looking for Support at 1.27 Again as Brexit Future Unknown

on January 11, 2019 | By Stuart McPhee | GBPUSD

In the last month the GBPUSD has slowly but steadily climbed higher from a two year low below 1.25 up to the current key level of 1.27 and beyond. As expected it met some resistance from the 1.27 level in the last few weeks as multiple attempts to push higher were thwarted and now that it has cleared, it is now experiencing some support from this same level. In early December, the 1.27 level gave way to immense selling pressure, after the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the few months prior.

Market Recap: 10 - 14 December

on December 17, 2018 | By Stuart McPhee | EURUSD, GBPUSD, US30, USDCAD

On Tuesday last week we covered the GBPUSD and the key level at the time and remains 1.27.To start last week the GBPUSD fell sharply to its lowest levels in almost two years as the strong support at 1.27 gave way to immense selling pressure.In the week prior the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months.

GBPUSD - Breaks Through Support at 1.27 as Brexit Future Unknown

on December 11, 2018 | By Stuart McPhee | GBPUSD, Brexit

In the last 24 hours the GBPUSD has fallen sharply to its lowest levels in almost two years as the strong support at 1.27 has given way to immense selling pressure. In the last week the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months. As has been stated several times in the last few weeks, should the GBPUSD drop through the support at this level, then it could fall considerably further with no obvious support levels nearby.

Market Recap: 3 - 7 December

on December 10, 2018 | By Stuart McPhee | AUDUSD, Gold, XAUUSD, GBPUSD, UKOil

On Tuesday last week we covered the AUDUSD and the key level at the time was the 0.73 level. However the AUDUSD spent all of last week falling sharply moving right through the 0.73 level and it now has eyes on another key level at 0.7150. Just prior to its recent push higher the AUDUSD had been quite content to take a breather and enjoy solid support from 0.7050 as it has traded along that level for several weeks throughout October.

GBPUSD - Receiving Much Needed Support at 1.27 as BOE Comments Further on Brexit

on December 6, 2018 | By Stuart McPhee | GBPUSD

For the last several weeks, the market has seen a reasonably volatile GBPUSD ease lower from its then three week high near 1.32 earlier last month down to an 18 month low below 1.27 in the last couple of days. In doing so it has firmly established the 1.27 level as a key support level as the currency pair has enjoyed considerable support from this level on several occasions in the last few months and is receiving much needed support from it presently. Should the GBPUSD drop through the support at this level, then it could fall considerably further with no obvious support levels nearby. The other key level presently is 1.3250 which has repeatedly fended off the currency pair’s attempts to move higher, although this remains some distance away.

Market Recap: 26 - 30 November

on December 3, 2018 | By Stuart McPhee | EURUSD, XAUUSD, Gold, GBPUSD, US30, DJIA

On Tuesday last week we covered the EURUSD and the key level at the time at the time was the 1.13 level. After rallying strongly off this level earlier last week, it has since reversed and found solid support again, reinforcing how significant this level is presently. A few weeks ago the EURUSD did well to rally higher from its lowest levels in 16 months back up towards 1.15 before easing in the last couple of weeks. Even though it fell through the 1.13 level a few weeks ago, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide some support should the EURUSD continue to decline. Likewise the 1.15 level has become key of late providing stiff resistance and looming above ready to push prices lower.

GBPUSD - Enjoys Support at 1.27 as BOE Warns over Brexit

on November 29, 2018 | By Stuart McPhee | GBPUSD

For the last several weeks, the market has seen a reasonably volatile GBPUSD ease lower from its then three week high near 1.32 earlier this month down to monthly lows below 1.2750. In doing so it has firmly established the 1.27 level as a key support level as the currency pair has enjoyed considerable support from this level on several occasions in the last few months. Should the GBPUSD drop through the support at this level, then it could fall considerably further with no obvious support levels nearby. The other key level presently is 1.3250 which has repeatedly fended off the currency pair’s attempts to move higher, although this remains some distance away.

GBPUSD - Drops Sharply Below 1.2750 as PM May Fights for Brexit

on November 16, 2018 | By Stuart McPhee | GBPUSD

The last couple of weeks has seen a reasonably volatile GBPUSD ease lower from its three week high near 1.32 however in the last 24 hours it has dropped sharply down to a two week low below 1.2750. It is currently attempting to stop the rot and potentially rally higher to regain some lost ground. Only a few weeks ago the GBPUSD surged higher and regained a lot of lost ground moving up to a three week high back above the key 1.3050 level. The other key level near this area is 1.3250 which has repeatedly fended off the currency pair’s attempts to move higher. The few weeks before the recent surge saw the GBPUSD drop sharply down to its lowest levels in two months below 1.28. Just before this recent fall, the GBPUSD had enjoyed a couple of solid weeks rising sharply back to the resistance at the key 1.3250 level before being sold off again.

GBPUSD - Near 1.29 after No Confidence Vote and Despite Massive Brexit Defeat

Market Recap: 7 - 11 January

GBPUSD - Looking for Support at 1.27 Again as Brexit Future Unknown

Market Recap: 10 - 14 December

GBPUSD - Breaks Through Support at 1.27 as Brexit Future Unknown

Market Recap: 3 - 7 December

GBPUSD - Receiving Much Needed Support at 1.27 as BOE Comments Further on Brexit

Market Recap: 26 - 30 November

GBPUSD - Enjoys Support at 1.27 as BOE Warns over Brexit

GBPUSD - Drops Sharply Below 1.2750 as PM May Fights for Brexit

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