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GBP/JPY: another way to bet on the pound
Information is not investment advice
The dire situation for the British pound continues. Although many of the negative things such as the likely resignation of Prime Minister Theresa May are probably already priced in, the uncertainty about the future should keep the sterling under pressure. The Japanese yen, on the contrary, may stay in demand as investors worry about trade tensions between the United States and China.
GBP/JPY is testing levels below the support of the last 4 trading days at 139.50. The previous attempt to break higher has failed. The focus in now at the 61.8% Fibo of the 2018-2019 advance at 138.60. The next Fibonacci level is at 135.70.
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.