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Weekly update for GBPUSD, Brexit is at the doorThose who have been following the latest Pound trades will know we are already on the sell-side here. Here is the latest wave count on the weekly chart, we are playing the range set between 50.0% - 76.4% of the retracement leg since the January 2016. Dollar strength is coming via yields so we have large money on the move here, the leg will be fast and furious. Please leave a like and check out the other trades on the Tradingview portfolio. Thanks and good luck!
Short
by ridethepig
14
Brexit: Could Boris call new election?By Andria Pichidi - July 29, 2019 Sterling has started the week under a lot of pressure, which follows weekend polls showing, in one case, a 10-point “Boris bounce” swing in favour of the Conservative Party. This will up odds for the new prime minister calling a new election, which he needs to do, and win, if he wants to strengthen his negotiating position with Brussels (as things stand, Parliament would likely block a no-deal Brexit). Cable has printed a fresh 27-month low at 1.2300 while EURGBP has lifted back above 0.9000. Sterling is likely to remain biased directionally lower. Cable has trend Support at 1.2200 (Fib. level 127.2 December 2016 low). UK100 shrugs off no-deal Brexit risks and continues to benefit from a weaker Pound, but also confirmation from LSE Group of a USD 27 bln deal to buy financial data group Refinitiv. UK100 is the main outperformer among European stock markets this morning and up 1.2%. On the Brexit Front: A new prime minister, a new cabinet, and a new hard line, no-compromising stance on Brexit — calling on Brussels to bend on the Irish border backstop or else face the UK leaving without a deal. But there is little sign that the EU will offer anything more than is already agreed in the Withdrawal Agreement with former PM May. Newly appointed foreign secretary, Dominic Raab, accused Brussels of being stubborn while saying that the Irish backstop is “the most obvious glaring flaw” in the Brexit deal, and that the EU “must know that we’re serious” on leaving without a deal if necessary. An Irish government minister, Michael Creed, retorted by re-emphasizing the already oft restated EU position: that removing the backstop — which guarantees that the Irish land border will remain free flowing and open post Brexit (by effectively putting a border down the Irish sea if necessary) — “isn’t going to happen.” The major problem for Boris Johnson and his Brexiteer cabinet is that they are a minority government, depending on the 10 votes of Northern Ireland’s DUP to govern with a super-wafer-thin majority of just two in a Parliament that is against a no-deal Brexit, and with members in their own Conservative Party set on stopping the government from triggering a no-deal Brexit (joining with opposition in a vote of confidence if that’s what it takes). This renders the government’s negotiating position with the EU as simply put: weak. This is why Boris, despite the denials, is likely to risk calling a new general election, to seek a new and clear mandate from the public for a no-deal-if-necessary Brexit. With the leader of Labour, the principal opposition party, Jeremy Corbyn, unpopular, the latest polling suggests that the Conservative Party would win with an increased margin. This means that markets should take the possibility for an economically disruptive no-deal Brexit scenario seriously. Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
OANDA:UK100GBPLong
by HotForex
2
Johnson and Pound, ECB and Euro, US and ChinaBoris Johnson becomes the UK's new prime minister and, made his first statement. Despite the apocalyptic forecasts, we could observe a pound growth on Wednesday. Once again, chances that Johnson will have enough support to implement the no-deal Brexit are extremely low. An agreement with the EU or a general referendum is more likely to happen. In any case, until October 31, it’s not necessary to expect “exit without a deal”. And this means that buying pounds with current prices is a safe enough trading strategy, that could provide more than a solid income with minimal risks. So our recommendation is unchanged - we are looking for points for pound purchases across the foreign exchange market entire spectrum. Speaking of the euro. Perhaps, he is today the “prospective candidate” for sales against the pound, as well as it is quite possible to buy it against the dollar. Markets cautious with that fact that today the ECB may start to reverse the easing of policy, therefore the euro is trading at the very bottom of the medium-term range. We do not think that it would happen. The ECB is quite a conservative Central Bank. It would rather wait for the Fed to lower the rate, obtain additional economic data, update its economic forecasts, and just after that n begin to act at the beginning of September may be, but not now. So its purchases against the dollar seem like a good trading idea. We are actively buying EURUSD - the risk/reward balance is too enticing: with stops 40-50 points with a potential profit 200 points. Stops must be put up necessarily, because the Eurozone economy is in a bad form, and theoretically could provoke the ECB to act. Yesterday's data on the EU economic loco - in Germany came out weak. The PMI index in the production sector was only 43.1 (with the forecast was 45.2). the minimum level over the last 7 years (!). The PMI index in the Eurozone manufacturing sector also came out below 50 and again worse than forecasts. Unexpectedly the data on new homes sales in the USA came out quite positive( which grew by 7.0% to 646,000 (expected + 5.1%)). However, we will not revise our position on the dollar and continue to look for points for its sales. Meanwhile, the US and China are trying to get on well. On Monday, the US delegation is going to China to find a compromise. There is still no progress in the negotiation process, the IMF lowered forecasts for the growth of the world economy, again. Forecasts in connection with the slow-down in growth of the world economy. was reduced by 0.1% to 3.2% and 3.5% for 2910 and 2020. So, purchases of the Japanese yen continue to be relevant. Our trading recommendations for today: we will continue to look for opportunities for selling the dollar across the entire spectrum of the foreign exchange market, buying the pound against the dollar as well as against the euro, selling oil and the Russian ruble, and also buying the Japanese yen against the dollar. As for gold, buy it from oversold and sell in the overbought zone.
Long
by Trade24Fx
Brexit storms back onto centre stageBy Andria Pichidi - July 23, 2019 Brexit will leap back to centre stage now that the new UK Prime Minister, Boris Johnson, has been selected. Already Moody’s and Goldman Sachs’ analysts, among others, have warned of an increased likelihood for the UK leaving the world’s biggest free trade area without an agreement on divorcing terms or an outline of new trading terms. POUND The crowning of Boris Johnson as the new leader of the UK Conservative Party, with Johnson ready to be confirmed as Prime Minister today, is keeping Sterling under pressure, especially with BoE MPC member Saunders describing UK growth as “weak and below trend” in an interview with Bloomberg. Meanwhile, investors are raising their no-deal Brexit bets, which is also fuelling easing expectations. The Pound has remained under pressure, with Cable holding below 1.2500. A report by UK think-tank NIESR, meanwhile, that Brexit-related uncertainty may have already tipped the UK economy into recession has also been in the mix of sentiment fodder over the last day. Despite the correction from 1.2417 lows, the Pound remains in July below 20-day SMA, and below 50- and 200-day SMA since May. Hence, short term or medium term rallies considered as temporary before the reinforcement of another leg lower. Momentum indicators are extending lower, something that increases the potential of a retest of the recent low at 1.2380. Initial Resistance at $1.2480 and for the day at yesterday’s high at 1.2520. Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Short
by HotForex
Preparing for ECB and UK Prime MinisterTrump said Thursday that a U.S. Navy ship had destroyed an Iranian drone in a “defensive action,” escalating already high tensions in the Gulf region. On the next day, Iran dismissed the report. So, investors’ reaction was expressed by rescuing in safe heaven assets and it is understandable. Later, the gold price was correlated with a decrease in the gold price. By the way, on Friday we recommended to sell gold, so those of our readers who followed our recommendation had to earn good money. We have already recommended selling the oil (see our previous reviews) so, those of our readers had a chance to earn good money by selling oil (one of our main trading recommendation). So this week we continue to look for the opportunity to sell the asset, but be careful it is all about the unstable situation. There was a lot of talk about a possible dollar intervention last week. It hadn't got to that part yet but the risk should be disregarded. The easiest and risk-free option to trade in such case is a short dollar. Moreover, at the end of the week, we are waiting for the outcome on US GDP. So this week we will continue to look for points to open short positions on the dollar. Primarily against the Japanese yen and the British pound. This week (on July 24th ) a new prime minister should appear in the UK. Odds are about 100% that Boris Johnson is going to be. In this regard, attention to Brexit among participants of the foreign exchange market is increased sharply, which means pound volatility will increase significantly. Our midterm position - short-pound. But let us warn you, some days it is quite possible the pound could be sold out quite tough. Nevertheless, we do not doubt the final outlook for its growth. We will buy a pound not only against the dollar but also against the euro. And against the euro, this can be done in double volumes. EURGBP has climbed very high, and its decline seems to us the most likely scenario. The reason for its sales may be the outcome of the ECB meeting, which will be announced this week on Thursday. If the Central Bank gives us a hint to easing monetary policy, sales in EURGBP cannot be avoided. So we took a medium-term short position in EURGBP and look forward to a jackpot.
Short
by Trade24Fx
The Gold Rush, pound success & our recommendations for todayRay Dalio is the founder of the world's biggest hedge fund firm, Bridgewater Associates, which manages $160 billion. An American businessman with an estimated net worth of $16.9 billion. He recently has published a quite interesting essay on his LinkedIn account. Ray Dalio thinks the current era of low interest rates and quantitative easing might be coming to an end, paradigm that could see escalating conflict between capitalists and socialists is simple - gold. “I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio,” the billionaire founder of investment management firm Bridgewater Associates said in a 6,000-word essay posted on LinkedIn. The logic of his thinking is approximate as follows. The debt market is becoming less and less investment attractive due to the low profitability caused by the ultra-soft monetary policy of the leading central banks. As a result, it is quite logical to assume that they want to redirect their capital from the debt markets to others. But the problem of many countries is that they freeze to debt markets forming the Ponzi, which is based on the constant debt refinancing. If investors stop lending money the currencies and stock markets will be among the victims. The stock market bubble will burst under such conditions, therefore, it is necessary to seek alternatives. According to Dalio, gold is ideal for investing - this will, on the one hand, reduce risks, and on the other, increase profitability. Yesterday turned out to be quite successful for the pound buyers. The reason for the growth was unexpectedly good UK retail sales outcome: + 1.0% m / m, with the forecast of -0.3% m / m. As well as comments from the main representative of the European Union at the Brexit negotiations, Michel Barnier, who said that the EU is open to negotiations about the Irish border status. Our position on the pound today is unchanged - we are looking for points for its purchases. Our other trading recommendations: we continue to look for opportunities to sell the dollar, oil and the Russian ruble. Gold has definitely climbed high so today we will sell it. As for Friday, your attention should be paid to Canadian Retail Sales, as well as The Michigan Consumer Sentiment Index .
FX:XAUUSDShort
by Trade24Fx
FOREX, ruble, August and Jaroslaw KosatyThe fact that there was no fundamental force majeure yesterday led to the “calm” Wednesday. In fact, the last statistics outcome prepared in line with forecasts as well as UK inflation rate. After crossing the new local Minimum yesterday, the pound “changed the situation” in the afternoon. So, we recommend looking for points for its buying. Traditionally we cannot but mention Mr Trump’s Twitter account which he uses as “negotiation table”. “We have a long way to go as far as tariffs where China is concerned, if we want. We have another $325 billion we can put a tariff on, if we want,” Trump said. As the result Gold at 1430. So, we recoomend to sell gold from these points, and buy it from these 1400. As for the Russian ruble sellings. Well, August is not “the luckiest” month for the ruble. “ August's” Force majeure situations, as well as fundamental negative have affected the ruble. Start with the August Coup (1991) and default (1998) to Kursk submarine disaster and Russian-Georgian (2008) and Russian-Ukrainian wars (2014). In this light, Jaroslaw Kosaty, a currency strategist at Poland’s largest bank, sees the currency sinking about 9% against the dollar by the end of the year. His forecast of 69 rubles per dollar. The reason is that Bank of Russia’s switch to monetary easing. Therefore we recommend selling Russian ruble. The Federal Reserve abandoned foreign-exchange-market intervention. Recall that a strong dollar is on Trump’s way. As a result, his verbal attacks are becoming more aggressive and let the markets suspect that the United States will move from something in mind to something in kind. Treasury can intervene without the Federal Reserve's agreement (2000). We are waiting to see if it happens again. But the rick factor exists. The most interesting trading option is short dollar. Therefore, we continue to recommend looking for points for dollar sales in the foreign exchange market. Our trading preferences for today are as follows: sell US dollar, oil, ruble and gold, but buy the pound.
Long
by Trade24Fx
“hard” Brexit & pound prepares for the worstGreat Britain expects “hard” Brexit. Jeremy Hunt and Boris Johnson faced off in leadership debate. The candidates were asked about the Irish border (which will become the only land border between the UK and the EU after Brexit). Both were clear that the issue will not be resolved with a positive outcome. The odds of No-deal Brexit are rising. Due to this, the pound treated with selling yesterday. Back to status in employment on the UK labour market. The estimated employment rate : + 25K with a forecast + 45K. Requirements to receive unemployment compensation rose to + 38K (last month figure 24.5K). Brexit continues to be the main driver of everything that happens with the pound over the last couple of years. It's a buying opportunity as the pound price is low. It is necessary to act without “fanaticism”. Recall, new UK prime minister will appear next week. Negotiations are progressing well towards concluding an agreement between the US and China. Treasury Secretary Steven Mnuchin said he and U.S. Trade Representative Robert Lighthizer may travel to Beijing for trade negotiations. US retail sales rose 0.4 per cent that is better than expected. However, we still do not plan to buy a dollar and we will continue to look for points for its sales in the foreign exchange market Our trading recommendations for today: sell the dollar, oil and the Russian ruble. We buy safe-haven asset: gold and Japanese yen.
Long
by Trade24Fx
1
What is behind the gold and oil growth & Powell again signals Perhaps the main event that jogged financial markets and had effected on the momentum of oil prices valuations, as well as gold prices, was an incident in the Strait of Hormuz. This time the United Kingdom and Iran were involved. Three Iranian warships tried to block the passage of the British company BP tanker. A British warship offset the attempt, but the tension is increasing in the region. So, the gold and other safe-haven assets’ price increase was sharp yesterday. This week, the fundamental background is on the bull's side with respect to oil. In addition to the above-mentioned incident, the reduction in US reserves, tropical storm Barry likely to form in the Gulf of Mexico, and threats from Trump regarding a toughening of sanctions against Iran supported oil buyers. The Bank of England yesterday published its financial stability report. The most interesting that was published was the likelihood of the Great Britain exit “scenario” without a deal has grown, which in turn can provoke negative consequences for the British economy. However, the pound reacted calmly to this report. So our position is unchanged - we are looking for points for its purchases. Day two of Fed Chairman Jerome Powell's testimony to Congress, he noted that the current rates are in the neutral area, however, there is a chance that the Fed might cut the rates. At the same time, the markets are more confident with a rate cut in July. They are more likely guessing about the question “For how much it will be lowered” by 0.5% or by 0.5% at once. So far ¾ support the first variant. Recall, this is quite a bearish signal for the dollar. Analysts are revising their dollar forecasts downward. Recall, we remind you about the feasibility of selling the dollar on the foreign exchange market. Friday promises to be a “rest stop”. And this means that participants in financial markets are likely to continue to follow the current trends. Our trading recommendations for today are as follows. We continue to look for opportunities for selling the dollar (USDJPY, EURUSD, GBPUSD). Sell the Russian ruble. Sell the gold near the highs and buy from the lows.
Long
by Trade24Fx
GBPUSD Daily Update: Sterling faces buying pressureHi traders. We've started a new section in our TradingView profile with daily updates for major pairs, gold, oil, and indices. The GBP/USD pair is trading significantly lower after triggering an H&S pattern - a setup that we shorted in our Trading Club and posted here on TradingView. The previous week, markets dumped the pound on views that the UK economy is slowing down and that the BoE will likely need to adopt a looser monetary policy - in line with other major central banks. As a result, the GBPUSD pair fell to levels not seen in years (ignoring the Jan 03 flash-crash). However, the last two days have been beneficial for the pound, not only because the price reached strong horizontal support, but also because markets started to price in a higher chance for a US rate cut. Still, the pair trades in an overall downtrend and we won't buy it until we receive more signs of a trend reversal. The RSI formed a triple bullish divergence, suggesting that we could see higher prices in the coming days. Like our analysis? Please support us by hitting the "LIKE" button. Thanks!
by MujkanovicFX
Fed Protocol, BoC, and the UKAs we all know “the market is addictive to news”, it is not wondering that yesterday’s testifying to Congress by Fed Chair Jerome Powell, the announcement of the Bank of Canada decision on monetary policy, as well as a fairly extensive block of statistical data from the UK, led to increased volatility in financial markets. Let's analyze these events in chronological order. Great Britain relaxed quite positive data, which triggered the pound growth. Recall, we recommended its purchases, so those of our readers who looked up to our advice made good money. GDP and industrial production value have increased we cannot but mention the data on construction and trade balance that pleasantly surprised, appeared much better than forecasts. Bank of Canada holds interest rate steady, Federal Reserve Chairman Jerome Powell said that rate cut is not a panacea. Jerome Powell’s testimony at Congress. Markets expected him to make statements/comments about the Fed rate cut. However, Powell noted that the risks remain steady for the US economy, due to business investment slow down caused by the trade war, while inflation remains weak, which suggests that interest rates might be reduced this month. After Powell's testimony, the minutes of the last FOMC Fed meeting were published. Which only strengthened markets confidence in lowering the rates in the USA. The discussion of the Fed members about the prospects for monetary policy at the last meeting showed that there is a strong bias towards cut rates. The result is a short dollar. But inflation statistics from the US, as well as the second day of Powell’s testimony, may well trigger a rise in volatility in pairs with the dollar. Our trading recommendations for today are as follows. We continue to look for opportunities for selling the dollar (USDJPY, EURUSD, GBPUSD). Sell the Russian ruble. We are looking for points for sales of gold, which again climbed very high.
Long
by Trade24Fx
FTSE - Buying dips to trend supportTrade Idea The medium term bias remains bullish. Bespoke support is located at 7470. We look for a re-test of the upward trending support. There is scope for mild selling at the open but losses should be limited. Preferred trade is to buy on dips. We look to Buy at 7470 Stop: 7440 Target 1: 7560 Target 2: 7650 Trade ideas & daily market report July 9th 2019 Market highlights Reduced expectations of aggressive Fed easing continued to support the US currency during Monday, although ranges were narrow. Equity markets lost ground as expectations of aggressive Fed rate cuts declined further. Demand for the yen and Swiss franc weakened slightly as US bond yields edged higher with the Euro also unable to make headway. Gold prices also declined as bond yields increased and the dollar maintained a firm tone. Oil prices gained some support from Iran tensions, but failed to hold gains. Commodity currencies were unable to make headway amid a solid US currency tone with Sterling also losing ground. Bitcoin pushed above $12,000 which helped trigger further buying.
FX:UK100Long
by Signal_Centre
FTSE - Buying a move lower to supportTrade Idea We have a Gap open at 7567 from 05/07/2019 to 07/07/2019. Bespoke support is located at 7470. We look for a re-test of the upward trending support. There is scope for mild selling at the open but losses should be limited. Preferred trade is to buy on dips. We look to Buy at 7470 Stop: 7440 Target 1: 7560 Target 2: 7650 Daily market report July 8th 2019 Market highlights Headline June US employment data beat consensus forecasts with an increase of 224,000 in non-farm payrolls, although other data was slightly weaker than expected. Bond yields recovered sharply following the data on a shift in Fed expectations, although there was a partial reversal on Monday amid fragile risk conditions. Equities declined in Asia on Monday amid reduced expectations of aggressive Fed rate cuts The dollar advanced strongly following the employment release, although it failed to hold its best levels. The Canadian dollar also pared initial losses from a headline dip in June employment with commodity currencies also recovering some losses. Gold declined sharply on dollar gains with a dip below $1,400 per ounce before a tentative recovery amid weaker equity markets. Oil prices were supported by reduced fears over global demand conditions.
FX:UK100Long
by Signal_Centre
Buying AIM listed marketing company DotdigitalLSE:DOTD dotdigital Group plc is a leading provider of email marketing and omnichannel SaaS technology to empower digital marketing professionals. Our marketing automation platform is used by over 70,000 marketers in 156 countries worldwide, empowering global marketers to achieve outstanding results with superior tools and services. The shares have completed a large base pattern on the move above resistance at 102p. In recent days the shares have corrected to re-test the breakout level. There is signs that a bullish flag/pennant is forming, this is usually a continuation pattern. Further upside is expected from here towards my medium-term target of 134p.
LSE:DOTDLong
by Investamate
Buy AIM listed tech stock Bidstack Group - Breaking higher!LSE:BIDS Bidstack bridges the gap between gamers, game developers, and advertisers by enhancing the gaming experience with rich, real-world advertising. The shares have risen impressively over the past couple of years and following a period of consolidation that trend looks set to continue. We have seen the shares break higher from an ending wedge formation and a move towards 50p is now expected over the short to medium term. Buy! Stop loss at 24.5p Target 50p
BLong
by Investamate
GBP/USD is to fall in next months with likely no Brexit dealSelling GBP/USD due to technical and fundamental analysis. On the technical side, we can see the downtrend channel forming. Fundamental says next: Theresa May did not manage with Brexit deal and left her prime minister seat and now there are 2 main candidates to replace her. It is Boris Johnson and Jeremy Hunt. Johnson has pledged to leave the European Union on October 31 with or without a deal. The EU has said it will not renegotiate the divorce deal that May agreed last year and the British parliament has indicated it will block a no-deal exit. On the other hand, Jeremy Hunt an opponent of leaving the European Union who has now promised to exit with a deal, cast himself as the underdog. Betting markets gave Johnson a 92 percent probability of becoming prime minister and Hunt just 7 percent. In my opinion, we should be ready to short GBP. Analysts agreed that after no-deal exit GBP/USD will plunge at least to 1.20 level. The first take profit level is for aggressive traders. The second one is for conservative. It will be updated considering the political situation in Great Britain.
Short
by finzman
Repositioning FX and Trump's new warYesterday, repositioning was continuing in the foreign exchange market. Traders tried to incorporate the change in the vector of the Fed’s monetary policy into the dollar price. As a result, today the probability of a rate cut at the July meeting of the Federal Open Market Committee is 100%. At the same time, 65% of traders are waiting for a decline of 0.25%, and 35% - by 0.5%. Note that a month ago, the probability of a rate cut in July was estimated by markets at 20%. Since vector changing of US monetary policy is a tectonic thing not only for the US economy but also for the world economy and the foreign exchange market as well, it is naive to believe that the markets will fully take this into account in one day. So we continue to recommend looking for points for dollar sales. Moreover, Trump seems to be going to redirect his efforts from escalating the trade war to a currency war. A strong dollar reduces to zero his protectionist efforts. So the attack on the dollar seems quite logical. And even if we do not see active opposition on the currency front, such rumors will have a negative impact on the dollar, because everyone wants to be the first to sell the dollar before it drops. The Bank of England, as well as the Bank of Japan, decided to leave the monetary policy parameters unchanged yesterday. So, the Japanese yen and the pound moved in line with the basic trends of the foreign exchange market, without showing any particular individuality. About the UK. Boris Johnson won the vote for the fourth time and received 157 votes and left only 3 positions on the list of candidates. The end of the week is likely to be hectic. The markets have not taken into account the Fed's decision, and data on business activity in the Eurozone and the US, as well as retail sales in Canada, may well trigger a surge in volatility in the foreign exchange market. Our trading preferences for today: we will look for points for selling the US dollar primarily against the Japanese yen, as well as the euro and even the pound, sell oil and the Russian ruble, and also buy gold.
TVC:DXYShort
by Trade24Fx
Fed's patience snapped, Banks of Japan and EnglandThe Banks of Japan and England are announcing the results today. But, let's start by summarizing yesterday’s FOMC meeting. The Fed did not violate the established balance in the market and left the interest rate unchanged. As for the comments, then, as we expected, they turned out to be “dovish”. In particular, the phrase “to be patient”, which was the main motive of the Fed's statements lately, has disappeared. What does this mean? That the Fed is ready to cut the rate: 8 out of 17 FOMC members expect a rate cut by the end of 2019. The Bank of Japan has already announced its decision on monetary policy parameters, as we expected the parameters are left unchanged. Today we are expecting another decision from BoE. Well, the situation in the UK is tough enough, therefore the rate will be unchanged, on our point of view. We are not expecting the pound growth. So, any surge of volatility has to used to open counter positions ( in case of absence of clear fundamental contraindications ). What is that mean? If the pound jacks up, we will sell it in the area of daily hights. And if, on the contrary, it begins to sell, then we will look for opportunities to buy it. Once again, we do not expect the formation of directional movement in pound pairs following the meeting of the Bank of England. Meanwhile, in the UK, Mr. Johnson won the second round of the contest with the backing of 126 out of 313. And yesterday, Boris Johnson won a third successive ballot, with 143 votes. The remaining candidates are Michael Gove, Sajid Javid, and Jeremy Hunt. Our trading preferences for today: we will look for points for selling the US dollar primarily against the Japanese yen, as well as the euro, selling oil and the Russian ruble, as well as buying gold. As for the pound, we described the plan for working with it above.
TVC:DXYShort
by Trade24Fx