US markets appear set for another negative start to the week on the back of a big sell-off on Friday. US non-farm payroll numbers came in lower than anticipated and coupled with the negative sentiment in the air, equities sold-off.

The US-China deal will again take up much of the focus this week, along with US Federal Reserve boss Jerome Powell, when he fronts Congress.

Later in the week, we have some big data points, including the ECB, where many are expecting a halt to the bond buying in December.

Meanwhile, we also get US Retail Sales and CPI. Today the focus will once again be on the GBP/USD as we get GDP data. This comes on the back of political turmoil surrounding the state of Brexit. As it stands we are sitting on a huge technical support level and some negative economic data could be a catalyst for a big dump.

Forex Signal Update

The FX Leaders Team finished with 18 winners with a 72% strike rate in what was a huge week for our followers.

GBP/JPY – We are sitting right on a support level here that has been quite significant. If we can bounce and maintain a lower high, this will be a good short. Similarly, if we run support and hold this has the potential to go.

Gold – Active Signal

Risk-off continues to be the overarching theme in markets at the moment and our longer-term gold position is not all that well placed currently. This has been hedged against a number of short-term buy signals on the run-up.

EUR/GBP – Pending Signal

The EUR/GBP has started to break out above both resistance and out of the tight range that we’ve been in. We’ve been making higher lows on the way up and there is every chance of a push to 0.9000 here.

Cryptocurrency Update

Bitcoin is at a really important point in trade today. Price has bounced a bit and is now back at $3,500. We have sold off hard into lows around $3,200. Then buyers stepped up.

The same thing happened previously at $3,500 when price bounced back over $4,000.

I’m still looking for a move to $3,000 in the very near future but we need to see if, in fact, price can hold up here at $3,500. Otherwise, we’ll bounce and that might be the better place to re-short.