Buy on a level breakthrough of 1.5927 with 1.6019 target. Stop loss = 1.5870.
Reason for the trading strategy
In May, the UK retail sales increased by 0.2% (m/m), with a forecast of +0.0% (m/m). The data reflect growth in consumer spending of British households, which forms a significant part of the country's GDP. From a technical point of view, the GBP/USD pair breaking through the 1.5927 resistance level will serve as a signal for opening long positions in the pound.
December 6, 2016 Cash rates remain on hold at 1.5% as expected
Asian stock markets managed to move mostly higher, after gains in Europe and on Wall Street yesterday. The Italian MIB closed with slight losses Monday, but it seems investors quickly got over the widely expected rejection of Italy’s constitutional reform and Renzi resignation...
December 6, 2016 AUD fell on RBA statement
The Reserve Bank of Australia decide to leave its policy settings unchanged. Such a decision was widely expected. The main, cash rate was left unchanged at 1.5% as expected by every analyst surveyed by Bloomberg...
December 6, 2016 Markets become increasingly acclimatized to negative news - adjustments never faster
Investors are getting used to bad news, and the lessons learnt in the past couple of months were implemented on Monday after the Italian referendum results...
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