Intra-Day News and Views & data to be released today - GBP/USD

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
Update Time: 05 Nov 2019 04:30GMT

GBP/USD - 1.2882... The British pound retreated to 1.2910 in European morning yesterday on continued UK Brexit election concerns. Renewed selling at 1.2927 at New York open knocked price down and the pair fell to session lows at 1.2876 in New York afternoon on usd's broad-based strength together with cross-selling of sterling especially vs euro and continues to remain under pressure in Asian morning today.

Cable's selloff to 1.2876 yesterday suggests early pullback from 1.2789 has ended at 1.2975 last Thursday and consolidation with downside bias remains. Offers are touted at 1.2900/10 and more above at 1.2920/30 with stops building up above there, suggesting selling on intra-day recovery is the way to go.

Pay attention to the release of UK services PMI at 09:30GMT. Street forecast is for a slight uptick to 49.7 from previous reading of 49.5.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.