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29 Aug 2016

GBP/USD depressed, challenges lows near 1.3060

The buying interest in the greenback remains everything but abated so far, now dragging GBP/USD to the lower end of the range near 1.3060.

GBP/USD in multi-day lows

The pair’s decline continues to gather traction on Monday, opening the door for a potential test of the psychological handle at 1.3000 the figure after US PCE figures have come in higher than expected on an annualized view, supporting the case for an even stronger USD.

Looking ahead, it will be an interesting week in the UK’s data space, as Mortgage Approvals are due tomorrow, along with BoE’s Consumer Credit figures, home prices tracked by Nationwide on Wednesday, Markit’s Manufacturing PMI on Thursday and Construction PMI on Friday.

GBP/USD levels to consider

As of writing the pair is losing 0.56% at 1.3066 facing the next support at 1.3000 (psychological handle) followed by 1.2863 (low Aug.15) and finally 1.2849 (low Jul.11). On the other hand, a breakout of 1.3214 (resistance trend line off July’s high) would open the door to 1.3321 (23.6% of the post-Brexit down move) and then 1.3373 (high Aug.3).

 

Aug 29, 2016

Gold inter-markets: hovering around monthly lows amid increasing prospects of a Fed rate-hike action

Having faced rejection at $1342 on Friday, Gold resumed with its near-term corrective move and dropped to monthly low level of $1315 before recovering
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Aug 29, 2016

US stocks open higher amid rate hike prospects

US stocks opened slightly higher on Monday amid renewed hopes of another rate hike by the Fed following Yellen’s speech in Jackson Hole. The DJIA ros
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