Today’s Hot Asset for you to Trade On: GBP/USD.
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The GBP/USD was able to break through its resistance on Monday, climbing 160 pips to 1.5740. The overall bullish sentiment continued as the pair reached for a high of 1.5760. The strong data from the UK Manufacturing PMI gave positive momentum to the pair and reduced fears that the economic recovery is slowing. However, some analysts are still predicting that the pair will trade below 1.50 by the end of the year.
Today, traders should watch out for the U.K. Construction PMI data release, set for 9.30AM (GMT). The trend is slightly bearish but this could change if the data is strong. Support is found at 1.5690 and resistance at 1.5780.
Trend: Slightly Up
The dollar experienced a massive sell off yesterday and had the EUR/USD climb to 1.2500. The bearish sentiment was stopped as better than anticipated U.S. ISM manufacturing data was released. The pair pushed downwards again to its current level at 1.2460. Federal Reserve chief, Janet Yellen, will be giving a speech today at 1.30PM (GMT), along with two other speakers from FOMC – Fisher and Brainard. The pair is still expected to trade around 1.24 and 1.25, as no major data revelations are expected in today’s speeches.
The movement is sideways. Support is found at 1.2400 and resistance at 1.2540.
Trend: Slightly Down
Gold picked up and rebounded from a 4 week low yesterday. An almost %7 increase was recorded, sending price from $1,142/ounce to $1,221/ounce. The recent decline in oil prices has sent many traders looking for “safe - have” assets. The decline in the stock market and the destabilizing global outlook are also playing a part, supporting the bullish sentiment.
Despite the short rally, we do not expect the bullish sentiment to remain. The movement is slightly bearish. Support is found at 1,140 and resistance at 1,220.
Trend: Slightly Down
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