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Pound Extends Rally

Dave Evans

1.This morning, the British pound is continuing to out-perform, with the EUR/GBP dropping for the fourth day in a row. The GBP/JPY has rocketed over the last three days and the GBP/USD has hit its highest levels since October.

2.The dollar pairs generally have had a positive start to the day, with the AUD/USD rallying off the lows, while the EUR/USD is on the rise though still well down on the week.

3.The dollar index itself is on the back foot, continuing the general bearish bias since the end of October.

4.The main exception is the NZD/USD which is slipping lower for the third day in a row as ANZ business confidence dropped more than expected.

5.The yen pairs are higher as Japanese markets retreat on pressure on technology stocks.

Coming up today

Today, we have European CPI flash estimate at 10.00.

At 13.30, we have Canadian current account data.

At the same time, we get US core PCE price index and personal spending.

Chicago PMI is released at 14.45.

FOMC member Quarles speaks at 17.30. FOMC member Kaplan speaks at 18.00.

Trade Idea

The GBP/USD has had a strong run recently, but the longer term trend shows that there has been a positive bias since the beginning of March.

With a Brexit trade deal on the cards, there could be further upside from here in the medium term.

A good way to play this is a HIGHER trade predicting that the GBP/USD will close higher than 1.3600 in 90 days for a potential return of 110%.

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Source: https://academy.binary.com/en/daily-report/
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