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GBP worries on no Brexit deal until Irish issue solved

USD index in consolidation today with China / Japan holiday and month end limiting the movement. Overall the steady UST yield and stock overnight will see some technical pullback on USD more likely. USDJPY in tight move with sellers at 109.40-50 and demand below 109 still blocking either way move. And Japan holiday in Monday, Thursday and Friday will limit the Japan flow as well.

EUR stays above 1.2 next key pivot and topside resistance at 1.2210-20 (ECB meeting swinging top).

GBP goes lower on weak Q1 GDP and worries for Brexit after EU’s Barnier says no Brexit deal until Irish border issue to be solved out as well as market pulls back the May BOE hike rate effect. Short term oversold but price action capping under 1.40 to remain bearish for GBP in short term, Key pivot support at 1.3700-20 region.

Commodity currencies remain in reflection for USD trend and near term remain in defensive mood. Tomorrow’s RBA meeting expected the rate to keep unchanged at 1.5% as well. Today US Personal Income/Spending, Core Personal Consumption Expenditure, Chicago PMI, Pending Home Sales and stock/bond market move will direct the intraday action.

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