Learn to trade CFDs with Tony Sycamore
Hedge your share portfolio with CFDs. Join our free webinar on 14th May.
Market News & Analysis
US stocks gain after goldilocks NFP
Fiona Cincotta April 6, 2019 2:23 AM
- Job created: 196k vs 180k exp.
- Wage growth: 3.2% vs. 3.4% exp.
- Unemployment 3.8% as exp.
Pound Lower As May’s Brexit extension in doubt
The pound headed southwards versus the stronger dollar.
Theresa May requesting an extension to Article 50 to 30th June, hasn’t gone down well with pound traders and isn’t likely to go down well with Brussels either.
With EU President Donald Tusk favouring an extension of a year and France playing hardball, Theresa May’s request is likely to be rebuffed. This will leave Theresa May with little choice but to hold European elections next month, a move many Brexiteers could find too much to swallow.
Looking at the bigger picture GBP/USD continues to trade within a familiar range of $1.30 - $1.32. It would be worth waiting for a meaningful break through this band before. With the pound currently at $1.3012 this breakout could be sooner rather than later. A convincing move through the key psychological support at $1.30 could see the pound extend losses towards $1.2980. A break below this support could open the door towards $1.29. On the upside resistance can be seen at $1.3150 before a strong barrier at $1.32.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.