GBP/USD: consolidation
How does the GBP/USD look like?
USD/CNY is driven by trade uncertainty
Information is not investment advice
USD/CNY retraced 78.6% of the 2018-2019 decline. The US dollar strengthened versus the Chinese yuan as the trade deal between the United States and China met unexpected obstacles.
To put it briefly, America increased tariffs on Chinese imports and China decided to retaliate. In addition, China’s industrial production figures and retail sales for April turned out to be worse than expected. This might mean that Beijing may need to roll out more stimulus measures to support its economy. Comments of the US President Donald Trump that trade talks hadn’t collapsed improved the sentiment a bit, but the uncertainty remains. That means that the USD has more bullish potential versus the CNY.
The outlook for USD/CNY will remain bullish as long as it stays above 6.8250 (200-day MA, weekly pivot). On H4, the pair is consolidating within a symmetric triangle. The direction of a break will determine whether the move to the upside continues straight away or we see a correction.
Elizabeth Belugina
Similar
USD/JPY is pressured by resistance
USD/JPY has declined from 111.70 and went into consolidation around 107.50.
STOCKS: mystery ahead
S&P was looking upwards just a day ago. Something changed?
Popular
S&P: to fall or not to fall
Will there be lower bottom with S&P or not? Let's analyze together.
GBP/USD: consolidation
How does the GBP/USD look like?
GBP or NZD: which currency has potential?
These days the US dollar has a lock on everyone’s attention. However, there are some interesting cross-currency movements that you can gain from.
Choose your payment system
