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Cable was flat again. The pair closed the day at 1.2945. Trying to analyse this market today is totally useless. We will see up and down here after the polls are released. May’s victory is GBP positive but anything can happen as we know. Lets take another look tomorrow
Cable has been creeping up. Today the pair closed at 1.2970, highest since 25th May. It hard to say which way it will go tomorrow. May’s win should be bullish for GBP and higher prices pre-election suggest the market is confident in the outcome.
EURUSD likes to print engulfing candles around the Pivot zone during the NFP. Today’s ADP suggests promising employment figures for tomorrow but this is not guaranteed. Market will be focusing on Average Earnings to gauge the tone for the rest of the year in terms of rate hikes
It looks like there is no stopping EURUSD. The pair traded lower during Asian and London’s session but it gained stream again after disappointing CB Customer Confidence in afternoon. Bulls bid up the price, which closed above Friday’s open – 1.1185. At this stage, it’s likely that any deeper correction lower could be out of the question
Weekly momentum is overbought, the price has not breached the weekly Pivot Point and the shorter-term momentum is diverging. Look out for a close below 1.2900 to confirm. Anything above that level is bullish towards 1.3150. The current consolidation will break either side and it is likely the breakout will be sharp. Let see.
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