Get started

Telegram

GBP/USD:Possible Double Top on Daily ChartThe price is now testing the previous higher high with a possible double top and the pair may move to the 61.8% Fibonacci retracement level meeting old support. A break here opens the risk of a strong drop as we progress through the week. However, there is important data on the calendar from the US economy and investors may be sitting on their hands until then. Looking forward, the UK Producer Price Index (PPI) details for January may entertain GBP/USD traders ahead of Thursday’s key US Q4 GDP and the next week’s Fed meeting.
by FOREXN1
5
GBP/USD drops toward 1.2300 on disappointing UK Services PMIGBP/USD drops toward 1.2300 on disappointing UK Services PMI After December’s impressive services PMI print, markets hoped for another encouraging print for January given a slightly improved outlook now that inflation appears to be headed in the right direction. This wasn’t to be the case as the new year brought with it a sustained downturn in the UK private sector business activity. Survey respondents pointed to higher interest rates and lower consumer confidence as key determinants of the lower activity as Britain grapples with the ongoing cost of living crisis. The services sector experienced the worst decline in business activity over the last two years up to this point. The report adds to the recent, disappointing UK retail sales data which plummeted over the holiday period as consumers tightened their belts. One small piece of good news came in the form of the manufacturing data, which beat expectations coming in at 46.7 vs 45.5 expected. However, this wasn’t enough to appease the FX market as the sterling traded around 50 pips lower after the release. The Bank of England will meet next week to discuss another 50 basis point hike to stem demand and help inflation move down further. Fresh in their minds will be the fastest pace of average earnings since 2001 which raises alarm bells of a wage-price spiral – something central bankers look to avoid at all costs
by FOREXN1
3
USD/JPY:SELL From Resistance Areas For a SHORT SetupUSD/JPY in the last night The National Consumer Price Index, released by the Statistics Bureau released a positive output for the price movements of the retail prices of a representative shopping basket of goods and services. The JPY has reacted with a strong bullish impulse from the bottom of 127.500 but, the price is still inside a bearish main trend where today or in the next session we can have a retracement of the market or in the direction of the primary trend or eventually the breakout of the dynamic trendline and Resistance areas may give to the JPY a change of the trend.
Short
by FOREXN1
6
GBP/USD:Price continues to Grow - Next target LONG 1.26000THE GBP/USD is still inside a strong bullish rally, a raising channel with the creation of new Higher-highs and Higher-lows has guided the pair to reach 1.2400 where today the price seems ready to make new higher-highs. Economists at ING note that the Pound could thrive in the long term as the Labour party leader aims to rebuild good trade relationships with the bloc. The leader of the opposition Labour Party, Keir Starmer, is reported to deliver a rather conciliatory speech in Davos today about the future of EU-UK relationships. The Labour party is leading by a rather large margin in the latest opinion polls ahead of next year’s general elections and evidence of a softer stance on Brexit should benefit the Pound in the long run.
Long
by FOREXN1
27