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In the Zone
- GBPJPY
- GBPUSD
- Brent
- GBPCAD
Click HERE for Detailed Levels
Today's News Headlines
- Prime Minster May yesterday reiterated that she believes that there will be a deal in the coming days but that the Irish border still remains an issue.
Market Recap
The ECB were talking a lot this week and yesterday comments that the Eurozone economy continues to expand at above potential rates. The day was characterized by a “risk on” environment and the commodity pairs including the AUD, NZD and CAD were all strong yesterday.
The EURUSD ran towards the 100 day MA at 1.1660 before reaching a high of 1.1780, the bulls were unable to continue with the upside momentum and so it looks as though a line has been drawn in the sand. A move towards 1.1850 is where the bulls are targeting but there seems to be enough sellers to contain these highs for now.
The GBPUSD also rallied away from the 100 day MA at 1.3150 and close to a big fib level at 1.3316, the price stalled at 1.3300 before trading to 1.3220. The pair closed up at 1.3268 which is in the middle of the 1.3220 and 1.3316 range – these will be the defining levels today.
I’m of the opinion that sterling is stretched and so I continue to wait patiently for the GBP instruments to set up.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: -0.1%
Effect: Higher than expected is good for the CAD
14:30 CAD Retail Sales
Consensus: 0.6%
Effect: Higher than expected is good for the CAD
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