A weekly look into the GBP/USD and EUR/USD pairs by our Chief Market Strategist, David Jones. The political turmoil in the UK and the EU’s public readiness for a no-deal Brexit have put further pressure on the pound. The euro, on the other hand continues to be impervious to volatility. This has been the case for the past few months.
The uncertainty around Brexit has pushed the pound lower. Sterling has hit its lowest level since September last year at $1.2960. We saw a bullish divergence towards the end of the week – suggesting the weakness is losing steam – yet the downward trend remains. The level to watch is around $1.33 to $1.3350. Should it be able to clear this mark, we might see a shift in trend. There is a lot of expectation building up on next week’s developments.
Study the GBP/USD chart here: https://capital.com/trading/platform/spotlight/123763777688772?side=buy
The ECB will be releasing its decision regarding interest rates on Thursday. No major shifts in policy are expected but it could push some volatility. Meanwhile, the euro has not shown any signs of change, holding the same levels as last week at around $1.1850. Buyers continue to flock in at the $1.16 mark, just like the week before. The European currency is still looking for a breakout from this sideways range.
Study the EUR/USD chart here: https://capital.com/trading/platform/spotlight/93810675766468?side=buy
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