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GBPUSD - Surges to Seven Month High above 1.31 as U.K. Election Looms

 

 
In the last two days the GBPUSD has surged through the key 1.30 level to reach its highest level in more than seven months. Given the break, the 1.30 level will be expected to provide some support should the sterling decline. Leading up to the surge for the last six weeks or so, the GBPUSD traded in a narrow range consolidating under resistance at 1.30, which has become a level of significance as a result.
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Market Recap: 25 - 29 November

 

 
On Tuesday last week we covered UK Oil which continued to trade above the key $63 level before dropping sharply back towards $60 to finish the week. After meeting resistance at the key $63 level for several weeks, UK Oil had poked its head above this level in the last week or so attempting to maintain a break higher. During last week it had also started to receive some support at the $63 level however this quickly gave way as excessive selling pressure forced it lower.
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GBPUSD - Consolidates Below 1.30 as U.K. Economy Avoids Recession

 

 
For the last six weeks or so the GBPUSD has traded in a narrow range consolidating under resistance at 1.30, which has become a level of significance. Earlier in the range, the GBPUSD eased ever so slightly from a five month high just above 1.30 after smashing through the key 1.25 level which has resisted prices strongly for around a month. It had also received some support from 1.28 during this period of consolidation. It will be interesting to see how long the selling pressure remains at 1.30 or whether the sterling eases away and returns to previous levels closer to 1.25.
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Valutrades Market Blast Technicals 19 November 2019

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Valutrades Market Blast Fundamentals 18 November 2019

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Market Recap: 11 - 15 November

 

 
On Tuesday last week we covered UK Oil which continued to steady under and feel resistance from the key $63 levels, before finishing the week breaking through and moving to a seven week high. It has moved well off support at $60, and despite its recent break, it has now traded between $58 and $63 for the most part of the last two months. Selling has been steady at anything above $63 indicating how significant this level is, so it will be interesting to see if it receives any support from this level.
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GBPUSD - Settles Below 1.29 as Brexit Critics Roll On

 

 
In the last few weeks or so the GBPUSD has eased ever so slightly from its five month high just above 1.30 after smashing through the key 1.25 level which has resisted prices strongly in the last month three weeks ago. In the last few days it has settled right under 1.29 having met some resistance from around 1.30. The 1.25 level may now reverse roles and provide some support should the sterling decline from its current highs. It may also use this current consolidation period as a base for higher prices as it may look to test the resistance at 1.30.
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Valutrades Market Blast Fundamentals 11 November 2019

Welcome to this week’s Market Blast Fundamentals where we will look at GBPUSD, EURUSD, NZDUSD, and Gold (XAUUSD).

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United Kingdom Gross Domestic Product (GDP) q/q

Today at 9:30am UK time. UK GDP q/q shows changes in the market value of goods and services produced in the country in the given quarter compared to the previous quarter, and is the key indicator of the national economy growth. F:-0.2%, P:-0.2%. #GBPUSD may drop below 1.27.

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Market Recap: 4 - 8 November

 

 
On Tuesday last week we covered the AUDUSD which continued to ease lower through the week before dropping sharply close out the week moving back to the key 0.6850 level. The AUDUSD had been easing away from a three month high above 0.69 after reversing and surging higher through the key 0.6850. In the three or so weeks prior, it had been slowly moving higher achieving higher peaks and troughs to rally off its ten year low around 0.6670 reached earlier last month.
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