Forex Signals Brief for August 30: Brexit Boosting the GBP

The story of the day yesterday was probably surrounding the GBP and the fact that we saw a big rally on the back of some positive news on th

Written by: Dime Levov • Thursday, August 30, 2018 • 1 min read

• Last updated: Thursday, August 30, 2018

The story of the day yesterday was really the GBP and the fact that we saw a big rally on the back of some positive news on the Brexit deal.

The GBP/USD made some of its biggest gains in seven months as the European Union’s chief negotiator Michel Barnier, suggested it would be accommodative towards the UK post-Brexit. The GBP/USD has held onto the gains as Asian trade opened, but we will get some more action as Europeans enter the market for the day.

The economic data remains a little on the thin side this week. Today we get employment data out of Germany which will impact the EUR/USD. While we have to wait until the US session to hear more details on Canadian GDP. We don’t have any top-tier US data after yesterday’s strong GDP showing where we printed a very healthy 4.2%.

Forex Signal Update

Japan was the focus yesterday and the FX Leaders Team found two winners in the USD/JPY and the Nikkei.

Silver – Silver is maintaining its range between 14.40 and 15.00, but the overall trend is to the downside.

Bitcoin – Active Signal

Bitcoin is still holding above the all-important $7,000 level which is good news for the bulls. I would think we might consider for a period of time before pushing higher. It’s important to hold this level before we can look for that next leg higher.

EUR/USD – Active Signal

The EUR/USD has got numerous resistance levels just above it at the moment, making it a prime candidate for a short signal. It will have a fair bit of work to do to get through both 1.1700 and 1.1740 as the sellers will be stepping up. We are currently hovering around the breakeven mark.