Forex Signals Brief for Nov 1: GBP in Focus on BOE Day
Rowan Crosby • 2 min read
Markets have been off to a fast start on Thursday, with some developments out of Australian and the UK giving the majors an early kick.
The biggest news so far is that UK PM May has struck a Brexit deal on Financial Services. This might just be a big step forward and sets up the GBP/USD for a big day.
Let’s not forget that we have the BOE interest rate decision out today and while there is not expected to be any change to the official 0.75% rate, the Brexit headlines will bring plenty of activity into the market.
Out of the UK was also have manufacturing PMI while later in the US we get ISM Manufacturing, to round out was is shaping up as a very interesting day on forex markets.
Forex Signal Update
The positive run of 8 straight winners has unfortunately come to an end for the FX Leaders Team, who grabbed 1 winner from 4 signals. Overall we are still having a really solid week.
NIKKEI225 – The Japanese Nikkei, is stronger on the day, and we are hoping that the bottom is in for the time being.
EUR/CHF – Active Signal
Our EUR/CHF signal remains intact, although price is slowly grinding higher. Attempts to break the 200 SMA on the H4 chart have so far failed and we will need to crack that support if this one is to turn a profit for us.
DAX – Pending Signal
The DAX has pushed up and is now holding 11400. Remember, time confirms price. If this pullback can hold and the bids step up, we will look to get long above 11400.
Oct 31 marked the 10 year anniversary of the first publication of the Bitcoin Whitepaper. However, from a fundamental point-of-view, there is little making news in the cryptocurrency world at the moment. As a result, price remains trapped in a relatively tight range. Bitcoin is still leading the direction of the major coins and will do so until something fundamentally changes. Ripple’s XRP and EOS were both 1% higher on the day.
Technically, if we can break out in either direction then the momentum is likely to follow through. That’s what we generally see, after periods of volatility compression. The main levels of interest for me are $6,800 to the upside and $6,150 to the downside in BTC.