GBP / USD Forecast: Sterling staggers around 1.3300 within a channel with descending slope – The pound is trading with few changes around 1.3280, limited within the range of 1.3100-1.3480 which represents 38.2% and a Fibonacci retracement of 50% in the fall after Brexit.
The GBP / USD now moves within the downward trend channel with key technical oscillators in neutral territory, but pointing down.
The GBP / USD pair moves flat around 1.3260 against the US dollar while the Bank of England Monetary Policy Committee member Ian McCafferty and the replacement candidate in August, Jonathan Haskel, will speak on Tuesday.
With Jonathan Haskel replacing Ian McCafferty in today’s parliamentary hearing speech, the candidate is unlikely to want to express monetary policy views before he actually confirms and joins the MPC. This contrasts with the situation of Ian McCafferty, who will leave the MPC in August and, his presentation at the Official Forum of Financial and Monetary Institutions in London starting at 9:30 GMT, could turn into a certainly aggressive act of opinion.
In terms of events scheduled for the rest of the week, the European summit is planned for the last two days of this week, with topics related to Brexit as a prominent part of the agenda.
The GBP / USD pair jumped to the cyclical low of 1.3100 last week after the Bank of England’s Monetary Policy Committee (MPC) left the Bank’s rate unchanged at 0.50%, in line with expectations, but the pattern of Committee voting shocked the market, with the Bank’s chief economist, Andrew Haldane, joining Ian McCafferty and Michael Saunders in the vote in favor of a rate hike, turning the situation at 6-3 instead of the expected 7-2 .
In addition to the turn in the vote, the general tone of the monetary policy statement in June was certainly optimistic, indicating that the UK economy is slightly better than the first quarter data and the rigidity of the UK labor market. it has been configured to increase inflation, which justifies the increase in the rate.
With the final reading for the GDP of the first quarter scheduled for Friday of this week and the aggressive turn of the MPC last week, the focus will be on political development, especially with regard to news about Brexit in the European summit.
Technically, the GBP / USD pair jumped the 1.3100 level, which represents 38.2% of the Fibonacci retracement line after the Brexit drop from 1.5020 to 1.1940 and, after breaking the 1.3200 figure, reached 1.3300 to retreat. The GBP / USD is currently moving within the downward trend channel, with key technical oscillators in neutral territory, but pointing down on the 1 hour chart. With the momentum and the relative strength index pointing downwards after reaching highs last week, the movement of the directional price should be down to the 1.3200 level.
The immediate bullish objective remains 1.3300, with the break in the north direction pointing to 1.3350 and 1.3400. On the downside, the 1.3200 is the next hurdle before retesting 1.3100.
FABENGOAXT: takes strength from its minimum point and maximum break
Taking reference to the tactics of customers and investors in abengoadxt The annual maximums are again within reach, the company has rebounded strongly after supporting in the indicated area of € 0.0275, which is a very good sign.
Short levels remain € 0.0275 as support and € 0.036 as resistance, exceeding the upper part would probably involve an additional stretch towards € 0.043, which were 2017 highs.
The indicators continue to gain ground, highlighting the MACD above 0, something that did not happen since the present years, all statistics pointing to the maximum break and minimum of the upturns of candles, corresponding to the GDP of this asset.
NOTE: Class B continue to stop, despite the movement of class A the price could not even reach € 0.0107 which were yesterday’s highs, it is expected to move abruptly if class A at least remain, but for now that movement does not arrive.
TSNIACET: Stop growing like all the sprays.
It has been mentioned on previous occasions that every time a product of TSNIACET is not accepted in the market, its shares fall considerably for each item of disadvantage, this caused the majority of the market to lose rotating points.
At the moment the action does not react and moves near the support of € 0.114 existing a null discount currently subscribing shares.
To buy shares, you should leave a figure back, something that would not happen as long as it does not exceed the € 0,136 area, an area that, if exceeded, would probably facilitate the success of the expansion.
Under € 0.114 support is vital, its drilling would probably imply the failure of the expansion and jeopardize the future of the company.
There are 10 working sessions to finish the preferential subscription period, we will see where everything ends.