The British pound initially went sideways during the day on Tuesday, and then broke higher, reaching towards the 1.2775 level. Above there, I think the 1.28 level offered resistance, so if we can break above there I think that the market could then go to the 1.30 handle.
While it may be a quiet day for macroeconomic data, it hasn’t been the case for the markets. Stocks fell sharply at the London open, before paring back their losses sharply, while gold has managed to hold onto its gains after its suspicious-looking drop on Monday.
The British pound gapped higher at the open on Monday, and then reached to the 1.2750 level.
The AUDUSD pair rallied a bit during the day, but then pulled back on Monday, testing the 0.7560 level.
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The British pound rose slightly during the day on Friday, grinding towards the 1.28 handle. The 1.28 level is obviously offering a bit of resistance, but it appears that the market is stubbornly trying to break above there.
The Australian dollar shut higher initially during the day on Friday, but then pulled back to test the opening again, only to rally and reach towards the 0.7625 handle.
The Bank of England’s Monetary Policy Committee is almost certain to keep interest rates unchanged today despite inflation rising well above its 2% target.
The EURUSD pair shot like a rocket into the stratosphere after less than impressive US numbers came out during the early New York trading.
The Australian dollar try to rally during the session on Tuesday, but found enough resistance above the turnaround for a bit of a shooting star.
