Possible plunge in sterling (GBPUSD)
With a crimson-red start to the week for European indices and the euro, today's data releases on the “fish & chips” island, the UK is faced with April data on economic growth, exports, trade balance and industrial production. Expectations, despite being negative, have been far from accurate with none of them performing as poorly as they have. The British economic slowdown during the first quarter has been a fait accompli.
In the American session we will have statistical data on consumer prices for the month of May, inflation data, current accounts and trade balance for the month of April which is expected to be lower than the previous month. And finally, the afternoon will close with ECB Vice President De Guindos' statement on economic policies for Europe, with the Fed's afternoon close being the key data in its statement on the interest rate decision and economic projections expected by the FOMC.
Although it may not seem relevant, the document published by the Department of Agriculture, World Agricultural Supply and Demand Estimates (WASDE), will give us a possible forecast for crops and livestock that must also be taken into account for the food sector and in relation to inflation. Also published by the Royal Statistical Society of the United Kingdom (RICS), the house price balance, which is expected to be negative again.
In relation to the GBPUSD cross, it is possible that we will see movements that push the price of the pound down to the middle zone of the long term channel following the news of weakness in the UK and if that weakness continues against the dollar it would not be unusual to see it retest the second resistance zone where the price has traded the most during the first phase of the year. At the moment the currency bell is dual, so the first current price zone has the checkpoint (POC) 1.27208 dollars per pound sterling, and the second most traded zone is slightly above the second support zone at 1.25272.
Ion Jauregui - ActivTrades Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
In the American session we will have statistical data on consumer prices for the month of May, inflation data, current accounts and trade balance for the month of April which is expected to be lower than the previous month. And finally, the afternoon will close with ECB Vice President De Guindos' statement on economic policies for Europe, with the Fed's afternoon close being the key data in its statement on the interest rate decision and economic projections expected by the FOMC.
Although it may not seem relevant, the document published by the Department of Agriculture, World Agricultural Supply and Demand Estimates (WASDE), will give us a possible forecast for crops and livestock that must also be taken into account for the food sector and in relation to inflation. Also published by the Royal Statistical Society of the United Kingdom (RICS), the house price balance, which is expected to be negative again.
In relation to the GBPUSD cross, it is possible that we will see movements that push the price of the pound down to the middle zone of the long term channel following the news of weakness in the UK and if that weakness continues against the dollar it would not be unusual to see it retest the second resistance zone where the price has traded the most during the first phase of the year. At the moment the currency bell is dual, so the first current price zone has the checkpoint (POC) 1.27208 dollars per pound sterling, and the second most traded zone is slightly above the second support zone at 1.25272.
Ion Jauregui - ActivTrades Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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