Forex Signals Brief for Jan 18: UK Retail Sales Ahead
Forex markets have had an action-packed week with no bigger event than the UK’s Brexit vote.
Forex markets have had an action-packed week with no bigger event than the UK’s Brexit vote.
While PM May has survived a vote of no confidence on the back of a huge defeat, the GBP/USD has held been in-play all week and is now pushing higher.
The pound will be in focus once again as we get a look at UK retail sales. Across the globe, this has been a huge period for retailers as this is the busiest time of year. We see the results of sales from both Christmas and the lead-up including the Black Friday sales.
Results have been mixed so there will be a lot of focus on today’s number and it will likely have a big bearing on how the GBP/USD closes out the week.
Forex Signal Update
The FX Leaders Team finished two and one and have a fair few more we are still holding.
WTI – UK Oil is still holding the $60 level and if price can’t take out the most recent highs there might be a little kick coming up.
Gold – Active Signal
Our gold position hasn’t really done much in the last 24 hours and is still holding below the $1300 level.
EUR/USD– Active Signal
Our EUR/USD signal from yesterday finished at our TP so we are in another short under the 1.1400 level.
Cryptocurrency Update
Bitcoin is still testing $3,600 and is weak, despite dropping down ad bouncing off $3,500.
As mentioned yesterday, a delay in the rollout of some changes in ETH has weighed on the market this week, however, I am still bearish on a technical level.
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