GBP/USD extends the recovery on Monday, but still remains below our major resistance at 1.6200. As we have already mentioned yesterday, price fix above here would confirm a short-term inverse head-and-shoulders with a target at $1.6500. However, the pattern lacks confirmation for now. Great Britain is scheduled to release Net Lending to Individuals data at 8:30 GMT., but the market will mostly be driven by FOMC tomorrow.
USD/JPY keeps on consolidating in the 107.50 / 108.30 range on Tuesday. We hold a long position with a stop order at 107.50. Japan will release preliminary industrial production figures tomorrow (+2.3% exp. versus prior -1.9%).
Volatility in NZD/USD will likely increase tomorrow: watch ANZ business confidence at midnight. In US session on Wednesday RBNZ policy decision will come out at 20:00 GMT – two hours after the FOMC meeting. Downside risks for the pair prevail.
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.