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Old 07-06-2018, 07:43
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

GBP/USD Fundamental Analysis: June 6, 2018

The British pound is being traded above the 1.3400 level prior to the upcoming London market session driven by better risk sentiment. The currency has reached new highs this month after reaching as low as 1.3204 on 29th of May. It reached the levels higher than 1.3400. The dollar has further weakened amid better market sentiment which has a big impact on the Sterling Pound. The news on amenability to discuss the possibility of tapering the QE by the central bank could support the currency, yet this still remains on the hopeful list. Nonetheless, traders will probably opt to buy across the Eurozone that could push the pound higher as a consequence. There is a positive action in the previous two trading session in major macro data releases and the U.S. greenback could be on advantage today if the pound falls behind or the macro data from the U.K. turns out bearish.

Traders are looking out for Brexit related news, yet, Prime Minister may delays the publication of the governmentís plan until the leaderís summit this month. Let along the upcoming GBP data on London is insufficient to induce momentum, except for a correction to the lower boundary of the channel.

There are speeches expected from the BOE Monetary Policy Committee member Silvana Tenreyro at 10:40 GMT and MPC member Ian McCafferty speaking at 16:00 GMT. Meanwhile, traders will center their attention to the US Trade Balance figures alongside Nonfarm Productivity and Unit Labor Costs for the first quarter to be released at 12.30 GMT. On a technical note, the pair will rise higher and a major breakout is yet to happen. Readings for short-term will give more gains in the future. We can expect the resistance level to be at 1.3420 / 1.3460 and support level at 1.3370 / 1.3335.
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Daily Market Analysis by ForexMart-gbpusd06.png  
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