|Day's Range||1.314 - 1.324|
|52 Week Range||1.2663 - 1.4377|
Major currencies like the U.S. dollar and the euro were muted early Tuesday, while the British pound led developed market gainers on the back of supportive wage data.
The initially gapped lower during the Monday’s session in a bit of risk-off move, but then started to rally higher as American came on board. The 1.16 level is continuing to offer a bit of resistance to the pair and if it breaks higher then it next major stop for the market will be at 1.17 level. The market is still in the consolidation phase and 1.15 level underneath will be the strong support point for the pair. Buying on dips will be the right strategy for this market. …Read MoreGBP/USD
Tuesday’s UK earnings report to be a quick flash in the pan with Brexit angst looming overhead.
The British pound gapped lower to kick off the week against the greenback, but by the time the Americans came on board had fill that gap it looks likely to continue to try to go towards the recent highs.
Risk appetite trickles back into the markets early on supporting the commodity currencies, while the Kiwi gets a boost from Q3 inflation numbers.
Geopolitical noise is the focus of foreign exchange investors on Monday, leaving havens like Japan’s yen and Switzerland’s franc among the best performers, while the U.S. dollar struggles.
The 1.15 level is a strong psychological support underneath and will attract a lot of value traders to send this market higher towards the 1.16 level. The Italian debt crisis is still affecting to Euro to break lower which is expected to take time to settle down and 1.1450 level underneath is acting a floor of this market.
The pound has managed to hold on to the 1.30 region despite some weakness following some roadblocks in the Brexit process
Analysts looking for key drivers over the near-term that will ultimately decide the fate of a number of currencies, economies and ultimately whether a new crisis dawns.
Brexit jitters hit the Pound, with Italy’s budget delivery to the EU later today weighing on the EUR, as risk aversion returns to the markets.
It may well be make or break for the Pound and the British PM and the for the EUR as Italy faces up to the Establishment on Monday.
The British pound shows resiliency during the week against the US dollar, dropping towards the 1.30 level only to turn around and rally again. We are above the 1.3125 handle, and that of course is a very bullish sign.
The British pound has pulled back a little during the session on Friday, showing signs of life again after falling initially. The market is one that I think is fairly well supported, but also has a lot of noise attached to it due to the Brexit.