Pound in Focus

Forex Signals Brief for Nov 9: A Busy Day for GBP/USD Traders

Posted Friday, November 9, 2018 by
Rowan Crosby • 2 min read

So far this week, the attention has clearly been focused on the US. We’ve had both the FOMC and midterm elections and now they’re out of the way, we can look to some of the other movers.

Today it appears that the GBP/USD is going to have a busy session. While the Brexit headlines have been driving the action for the last few weeks, we have a slew of economic data out that will be sure to keep the volume coming thick and fast.

The main figure of interest will be UK GDP. While we also get manufacturing production and some trade data – which is quite relevant given the Brexit sagas.

Meanwhile, back in the US, we can also look forward to PPI. This is an important metric that the Fed looks at, and given the hawkish tone at yesterday’s meeting of the FOMC, there might be some more buying ahead in the Greenback.

 

Forex Signal Update

The FX Leaders Team, found 2 winners from 5 signals yesterday with the majors and commodities in focus.

 

SPX – Active Signal

The SPX has bounced nicely off the lows, after the slide that we saw a few weeks ago. The run-up has now run into the first resistance area. We are looking for a quick pullback from this level.

SPX
SXP – 240min.

 

NZD/USD – Active Signal

The NZD/USD has run up nicely this last week on some strong economic data and improving growth. This appears to be a nice long entry on the pullback. Our biggest concern has been the pop in the USD yesterday, making us worry that we don’t have enough wiggle room here.

NZD/USD
NZD/USD – 240min.

 

Cryptocurrency Update

Bitcoin and the other major cryptocurrencies have fallen away in trade on Thursday as the broader market sold down. There wasn’t really any fundamental news, but what is clear is that BTC is struggling to hold $6,500.

As mentioned yesterday, we are honing in on $6,000 and we are making a series of lower highs as we move towards it.

The short-term levels to watch in BTC are $6,500 to the upside and $6,150 to the downside.

BTC
BTC – Daily.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby is our 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.
Related Articles
eToro announces a significant cut in spreads on cryptoassets to increase awareness of the potential of crypto and blockchain more broadly
SPONSORED
Comments

Leave a Reply

avatar
  Subscribe  
Notify of