Tuesday 29th January: Sterling cautious ahead of today’s Parliament Brexit vote.
Market caution is likely the cause of Monday’s pullback ahead of today’s Parliament Brexit vote. The House of Commons will be voting on Prime Minister May’s Brexit plan B, including a number of amendments nominated by the speaker.
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Monday 28th January: Weekly technical outlook and review.
In the mould of a near-full-bodied bullish candle, the British pound catapulted itself north against its US equivalent last week, positioning the market at the lower boundary of supply coming in at 1.3472-1.3204.
Friday 25th January: Greenback outperforms major counterparts preserving gains above 96.50 – further buying in store?
Dreary Eurozone PMIs triggered the EUR/USD’s initial decline amid early European trade Thursday, with downside further exacerbated by the press conference after the ECB interest-rate decision in which rates were left unscathed.
Thursday 24th January: ECB takes centre stage today – possible volatility ahead.
Broad-based US dollar selling, triggered by a sharp drop in 10-year Treasury yields, appears to be the primary catalyst behind the recent upsurge.
Wednesday 23rd January: The mighty greenback preserves gains above 96.30 – firmly holding ground above monthly supply-turned support area at 95.13-92.75.
On the data front, the ZEW Indicator of Economic Sentiment for Germany recorded an increase of 2.5 points in January 2019, and now stands at minus 15.0 points.
Tuesday 22nd January: UK employment figures eyed in early London.
Technical signals on the bigger picture, as you can probably see, are mixed. Weekly flow portends further buying may be on the cards, while daily sellers are defending nearby supply.
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Wednesday 16th January: US dollar reclaims 96.00 to the upside.
British lawmakers rejected Prime Minister Theresa May's Brexit deal by a wide margin Tuesday. GBP fell against its US counterpart to lows of 1.2668 in a knee jerk reaction, though swiftly pared back losses to move towards flat for the day.
