Forex Signals Brief for August 30: Brexit Boosting the GBP
Rowan Crosby • 1 min read
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.