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GBPUSD Bearish Momentum Resumes, Silver Prices Break Key Level - US Market Open

GBPUSD Bearish Momentum Resumes, Silver Prices Break Key Level - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – GBP Selling Resumes, NZD Outperforms, Silver Breaks Key Level

DailyFX 2019 FX Trading Forecasts

NZD / AUD: Overnight, Chinese growth figures showed Q2 GDP at 6.2%, down from 6.4%, marking the weakest quarterly reading since 1992. Consequently, this raises scope for further stimulus measures from the Chinese government, which in turn has supported high beta currencies (AUD, NZD), most notably the New Zealand Dollar. On the technical front, NZDUSD broke above the 200DMA at 0.6714 to hit its highest level since mid-April. Going forward, focus will be on the NZ CPI scheduled later today.

GBP: The Pound trades with a soft undertone ahead of this week’s key economic releases, starting with the UK jobs report tomorrow. Uncertainties over Brexit persist and as long as they do, GBP gains are likely to be limited. This has also been evidenced by the weekly speculative COT data, which shows investors continuing to build their net short positions (highest since September 2018).

Silver: The precious metal is firmer by nearly 1% this morning with prices clearing key resistance at $15.33, which represents the 38.2% Fib level. As we had previously noted, the surge in institutional demand for silver as indicated by ETF purchases bodes well for silver. Eyes are on for a close above the 38.2% Fib to raise scope for a $15.50 test.

GBPUSD Bearish Momentum Resumes, Silver Prices Break Key Level - US Market Open

Source: DailyFX, Thomson Reuters

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GBPUSD Bearish Momentum Resumes, Silver Prices Break Key Level - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Sterling - GBPUSD Price Capped as UK Data, Tory Leadership Vote Loom” by Nick Cawley, Market Analyst
  2. Gold Prices Eye Key Resistance, Silvers Prices Outperforming Gold” by Justin McQueen, Market Analyst
  3. Euro Price Forecast: EUR/JPY Struggles to Move in a Clear Direction- How Could This Change” byMahmoud Alkudsi, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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