Market Commentary

GBPUSD - Settles Below 1.25 as BOE Warns of Long-Term Damage

on April 3, 2020 | By Stuart McPhee | GBPUSD

In the last week the GBPUSD has finally settled down and consolidated in a narrow range between 1.23 and 1.25 after moving wildly back and forth in the last three weeks. In the week prior, it did very well to rally strongly and return to resistance at 1.25 before the recent consolidation. In the two weeks prior, the GBPUSD dropped dramatically from above the key 1.30 level down to its lowest levels in 35 years below 1.15. Just prior to the dramatic falls, it had done well to rally back above another key level of 1.30 after applying pressure to this level, however for the most part of the previous four weeks, the sterling remained below this key level.

Market Recap: 23 - 27 March

on March 30, 2020 | By Stuart McPhee | AUDUSD, DJIA, GBPUSD, XAUUSD, US30, Gold

On Tuesday last week we covered the AUDUSD which spent the remainder of the week rallying higher regaining some of the lost ground from the previous two weeks. A week or so ago, in the face of steep falls, the AUDUSD was able to stop the bleeding and consolidate for a few days trading between 0.57 and 0.58. Given how fast it had been moving lower, the fact that it slowed right down was a positive which has now been backed up by its movement since to back above 0.61. In less than two weeks, the AUDUSD dramatically dropped sharply from around 0.66 down to an 18 year low near 0.55.

GBPUSD - Surges above 1.20 as BOE Keeps Rates Steady

on March 27, 2020 | By Stuart McPhee | GBPUSD, Bank of England

In the last week the GBPUSD has reversed and surged higher back above 1.20 and to a one week high above 1.22, having spent the previous two weeks dropping dramatically down from above the key 1.30 level down to its lowest levels in 35 years below 1.15. The sterling was able to enjoy some short term support from the 1.25 level two weeks ago however that level also gave way with the GBPUSD collapsing. Some of these levels may now offer some resistance if and when the GBPUSD rallies higher.

Bank of England (BoE) Interest Rate Decision

on March 26, 2020 | By Stuart McPhee | GBPUSD, Bank of England

Today at 12pm 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: 0.1%, P: 0.1%. #GBPUSD may retest 1.15.

United Kingdom Retail Sales m/m

on March 26, 2020 | By Stuart McPhee | GBPUSD

Today at 9:30am UK Time. Retail Sales m/m reflect a change in the UK retail sails in the reported month compared to the previous one. It is used in forecasting, budgeting for UK financial and economic policy. F: -1%, P: 0.9%. #GBPUSD may retest 1.15.

Market Recap: 16 - 20 March

on March 23, 2020 | By Stuart McPhee | EURUSD, DJIA, GBPUSD, UKOil, US30

On Tuesday last week we covered the US30 index which spent the remainder of the week continuing to decline to multi-year lows below 20000. In the last week or so the US index has recorded multiple record percentage and points drops. This resulted in its third significant weekly drop out of the last four pushing it to the lows below 20000. In the last two weeks the index has fallen sharply from above the key 25000 level, and this level is likely to reverse roles and offer any resistance if and when the index decides to climb back higher again.

GBPUSD - Settles around 35 Year Low at 1.15 as BOE Cuts Again

on March 20, 2020 | By Stuart McPhee | GBPUSD, Bank of England

In the last week the GBPUSD has dropped dramatically down to its lowest levels in 35 years below 1.15 after having dropped almost as sharply from above 1.30 down to a key level of 1.25. The sterling was able to enjoy some short term support from the 1.25 level a week ago however that level also gave way with the GBPUSD collapsing. Just prior to the dramatic falls, it had done well to rally back above another key level of 1.30 after applying pressure to this level, however for the most part of the previous four weeks, the sterling has remained below this key level.

Market Recap: 9 - 13 March

on March 16, 2020 | By Stuart McPhee | AUDUSD, DJIA, GBPUSD, XAUUSD, US30, Gold

On Tuesday last week we covered the US30 index which spent the remainder of the week continuing to move back and forth sharply, exploding in volatility, however it did finish the week trading down near a 15 month low. Only two weeks ago, it rallied off the canvas having fallen so sharply to a nine month low below 25000 before rallying back up sharply to the key 27000 level, however it has since recorded its largest point drop in history as it has plummeted to a 15 month low below 24000.

GBPUSD - Drops Sharply to 1.25 on Virus and BOE Emergency Cut

on March 13, 2020 | By Stuart McPhee | GBPUSD

In the last three days the GBPUSD has fallen sharply lower to a five month low just below 1.25 however it has enjoyed solid support from this previous support level at 1.25 allowing it to recover a little in the last few hours. It had done well to rally back above another key level of 1.30 after applying pressure to this level, however for the most part of the last four weeks, the sterling has remained below this key level. For several months the GBPUSD continued to trade around this key level showing no signs of breaking away in either direction.

United Kingdom Manufacturing Production m/m

on March 11, 2020 | By Stuart McPhee | GBPUSD

Today at 9:30am UK Time. UK Manufacturing Production m/m shows the change in the value of goods produced in the manufacturing sector of the UK industry in the given month compared to the previous month. F: -1%, P: 0.3%. #GBPUSD may test 1.30 again.

GBPUSD - Settles Below 1.25 as BOE Warns of Long-Term Damage

Market Recap: 23 - 27 March

GBPUSD - Surges above 1.20 as BOE Keeps Rates Steady

Bank of England (BoE) Interest Rate Decision

United Kingdom Retail Sales m/m

Market Recap: 16 - 20 March

GBPUSD - Settles around 35 Year Low at 1.15 as BOE Cuts Again

Market Recap: 9 - 13 March

GBPUSD - Drops Sharply to 1.25 on Virus and BOE Emergency Cut

United Kingdom Manufacturing Production m/m

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