
The most impactful releases of this week will fill the market with volatility and sharp movements.
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Don’t waste your time – keep track of how NFP affects the US dollar!
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Instruments to trade: GBP/USD, EUR/GBP, GBP/AUD, GBP/CAD
Almost two weeks ago Boris Johnson tested positive for the virus, yesterday his health deteriorated and he was placed in the intensive care. As a result, after such negative news the British pound plummeted dramatically today.
It created a political uncertainty in UK, as it would make things even more complicated than it was in such a fragile period for the country as struggling with the coronavirus and getting ready for future Brexit trade negotiations.
All the confidence that the British pound gained at the start of the week was immediately vanished. The market reacted so fast as the virus spread could be shrinking in the USA and Europe, and risk appetite of investors became stronger.
Let’s look at the EUR/GBP chart. The pair had been declining since March 19. However, it hit the 200-day Moving Average at the point of 0.8755 or 61.8% Fibonacci retracement level on March 3. Then it reversed and went upward. The resistant line is on 50% Fibonacci level or the 0.89 mark. The next one is on 38.2% or 0.905.
The most impactful releases of this week will fill the market with volatility and sharp movements.
We prepared an outlook of major events of this week. Check it and be ready!
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
The most impactful releases of this week will fill the market with volatility and sharp movements.
Happy Tuesday, dear traders! Here’s what we follow:
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
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