The below is the weekly chart of the GBPUSD. Cable has been consolidating for 2019 (blue rectangles). The RSI(9) has tended to oscillate around the 50 level as price moved sideways. However, a bearish bias seems to have recently manifested – last week’s candle looks to be a bearish reference candle (blue arrow). I.e. a candle with a lower high to either side of it. If this week’s candle closes below last week’s low (green horizontal) it will give weight to the bearish reference candle scenario. We note that the RSI(9) is attempting to pull away and south of 50 which would be a bearish development.
PM Theresa May is facing pressure to resign from within her own party. She is trying for a fourth time to get her Brexit plan passed and members of parliament seem to be losing patience. The 1922 Committee will likely urge her to step down before 15 June. May has promised to step down once parliament passes her Brexit deal even though it has already been rejected on three separate occasions. Moreover six weeks of talks with Labour also failed to get an agreement.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
-636935946481235239.png)
Recommended Content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.