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Trade of the week
GBPUSD stays in range before NFP
The pound sterling is currently in a narrowing consolidation range between 1.2900 and 1.3280. This reflects the market’s indecision as MPs head back to the UK Parliament after the Christmas recess.
Things will spice up as we approach the formal departure date of 31 January and trade talks with the EU are about to kick off. In the meantime, we expect cable to pull back towards the rising trend line, where 1.2960 will be a major support level to maintain the upbeat mood.
NZDUSD drifts lower from July’s high
Improved trade prospects have driven up bids for commodity currencies like the New Zealand dollar. The pair came just short of last July’s high of 0.6790. As buyers started to take some chips off the table, the kiwi is likely to continue its retreat before the US non-farm payrolls stir up volatility again.
The psychological level of 0.6600 around the daily moving averages will likely see interests bid up the price. However, should ...
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