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GBP spikes up and hit year high


USD rebound with USDJPY leads followed by EUR after the repeated verbal intervention from ECB’s member in the past 2 days. As technical fails to break 1.23 and hold support at 110.00 which is still favouring USD rebound more against JPY and EUR in the coming days. GBP spikes up to 1.3941, a year high with stop triggered above 1.3850 and 1.3880. As the market increases the pricing for soft Brexit deal with BOE Saunder, it sees a gradual interest rate rise effect. But the current level are lack of fundamental back up with technical deeply overbought and some corrections are down back to 1.3540-50 and still has possibility on being on top. AUD lowers caused of worsen job data with slightly higher unemployment rate and by USD rebound effect. Stock market continues to perform well and will still support risk sentiment and risk trades in near term. USD rebound will be expected in the coming sessions continuation. Later the US Housing Starts, Building Permits, Jobless Claims, Philadelphia Fed Manufacturing Index as well as ECB Coeure Speech and stock/bond market move will direct the intraday action.


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