Forex Signals Brief for August 30: Brexit Boosting the GBP

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.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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