GBPUSD
Cable holds near session high at 1.3181 in early hours of US trading and awaiting PM May's statement to UK parliament on Brexit, scheduled at 14:30GMT. Sterling opened with gap-lower on Monday after Brexit talks over the weekend stalled, as negotiations got stuck over the border of Northern Ireland, but regained traction and advanced on weaker dollar. Rally covered overnight's gap, reducing downside risk, however, could take a hit if May's statement to PM's raises fears of negative scenario – no-deal Brexit. May faces strong pressure after talks stalled, with growing opposition to her plan, making her task to finalize negotiations and satisfy all sides, very difficult. Hopes of reaching a deal on EU summit later this week are still alive, with positive tone from May statement today expected to further inflate sterling. Conversely, today's recovery could melt easily if traders feel threats from May's speech, with retest of daily low (1.3083) and sub-1.30 acceleration, seen as likely scenario.
Res: 1.3181; 1.3217; 1.3257; 1.3297
Sup: 1.3111; 1.3083; 1.3075; 1.3050
Interested in GBPUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.