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Today at 12:00pm UK Time. BoE Interest Rate Decision is taken by monetary policy committee members and is published two weeks after the meeting. Interest rate growth is seen as positive for the sterling. F:0.75%, P:0.75% #GBPUSD may test support at 1.32.
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On Tuesday last week we covered the AUDUSD which spent the remainder of the week consolidating in a narrow range right above the key level of 0.7050. Just leading up to last week the AUDUSD rallied well and moved back up that level. In the last few weeks however the AUDUSD has fallen from near 0.72 down to its lowest levels in two months at 0.70 before the recent rally. For the most part in the last two months, the AUDUSD has traded within a narrow range between 0.7050 and around 0.72.
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The last week has seen a very volatile GBPUSD surge higher back above the key 1.32 level where it currently sitting on top of. In the week prior, the GBPUSD fell sharply from an eight month high back down below the key level of 1.32 before rallying again and reaching a nine month higher in the last few days.
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On Tuesday last week we covered gold which spent the remainder of the week consolidating and stopping the rot that saw it fall so sharply in the couple of weeks prior. Only a few weeks ago gold was cruising along pushing to new nine month highs above $1345, on the back of solid support from the key $1300 level. Then gold crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level is now offering some resistance in its attempt to rally higher.
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The last week or so has seen the GBPUSD fall sharply from an eight month high back down below the key level of 1.32. The few weeks prior were significant as the sterling moved so strongly breaking through the key level for the first time in many months on its way to the eight month high. The fact that the 1.32 level didn’t provide much support may be telling as this level may now well provide some resistance should the sterling attempt to rally higher.
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On Tuesday last week we covered the GBPUSD which continued earlier in the week to climb above the key level of 1.32 before finishing the week easing back to this level and finding support there. The last three weeks has seen a resurgent sterling as it climbed back towards that key 1.32 level, after spending the previous three weeks falling away strongly from the same key resistance level at 1.32.
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Several significant issues have continued into the New Year including Brexit which is quickly approaching the key date in March, as well as the lingering trade talks between the United States and China which are having a flow on effect into many markets around the world. To add to the concerns, the International Monetary Fund (IMF) has recently warned governments to prepare for a possible economic storm as growth undershoots expectations.
Read MoreGBPUSD - Eyes off Resistance at 1.32 on Brexit Referendum
on February 26, 2019
| By Stuart McPhee
|
GBPUSD
The last two weeks has seen a resurgent sterling as it climbed back towards the key 1.32 level, after spending the previous three weeks falling away strongly from the same key resistance level at 1.32. In doing so it was heading back towards the other key level at 1.27 which has supported the currency pair well in recent months.
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On Tuesday last week we covered the GBPUSD which continued throughout the week to move strongly lower before rallying higher to finish the week. The last three weeks has seen the GBPUSD fall strongly away from the key resistance level at 1.32 and it seems to be eyeing off potential support at 1.27 again. The sterling enjoyed a very positive January as it has moved from below 1.27 up to a three-month high at the resistance level around 1.32, before the recent decline.
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GBPUSD - Eyes off Support at 1.27 after BOE Outlook
on February 12, 2019
| By Stuart McPhee
|
GBPUSD
After such a positive January, the last two weeks has seen the GBPUSD fall strongly away from the key resistance level at 1.32 and it seems to be eyeing off potential support at 1.27 again. The sterling enjoyed a very positive January as it has moved from below 1.27 up to a three-month high at the resistance level around 1.32, before the recent decline. Starting in mid-December, the GBPUSD had slowly but steadily climbed higher from a two year low below 1.25 up to the current key level of 1.27 and beyond.
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