MORE ON ACFXblog.comMARKET BRIEFING – LONDON OPEN 25.02.2016The British Prime Minister David Cameron is prepared to engage the Bank of England in order to keep Britain in the European Union. According to his speech on Tuesday, the policymakers “will make sure that the Treasury and the Bank of England and other authoritative organisations set out the facts, set out the figures so people can make a judgment.”
In the meantime, the pound continues to weaken against its major counterparts, with the GBPUSD hitting a new seven-year low yesterday afternoon and trading below 1.3900 marks.
Mark Carney, the BoE Governor, is ready to loosen the monetary policy, saying that the Bank is open to the interest rate cuts and extending a bond-buying programme if required. Even though the slowdown in the global economy has not yet significantly affected the UK growth. He also emphasized his view that the local interest rates will be unlikely to be raised from the record low of 0.5% over the next three years.
Second Estimate UK GDP data release will open this morning at 9:30 am London time. The change in the inflation-adjusted value of all goods and services within the country is expected to remain unaltered from the last quarter at 0.5%. Provided the release will not show significant deviations from the forecast, this event is unlikely to significantly affect the British Pound.
EURUSDThe intraday technical outlook
Trend 1 hour: Down
Target 1: 1.1110
Target 2: 1.0910
Projected range in ATR’s: 0.0100
Daily control level: 1.1050
GBPUSDThe intraday technical outlook
Trend 1 hour: Down
Target 1: 1.4180
Target 2: 1.3765
Projected range in ATR’s: 0.0159
Daily control level: 1.4405
USDJPYThe intraday technical outlook
Trend 1 hour: Down
Target 1: 113.65
Target 2: 110.70
Projected range in ATR’s: 1.50
Daily control level: 113.40
USDCHFThe intraday technical outlook
Trend 1 hour: Down
Target 1: 0.9980
Target 2: 0.9790
Projected range in ATR’s: 0.0096
Daily control level: 0.9950
USDCADThe intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3800
Target 2: 1.3675
Projected range in ATR’s: 0.0145
Daily control level: 1.3660
AUDUSDThe intraday technical outlook
Trend 1 hour: Up
Target 1: 0.7280
Target 2: 0.7110
Projected range in ATR’s: 0.0087
Daily control level: 0.7065
GOLDThe intraday technical outlook
Trend 1 hour: Up
Target 1: 1254.00
Target 2: 1200.00
Projected range in ATR’s: 26.77
Daily control level: 1201.00
OILThe intraday technical outlook
Trend 1 hour: Down
Target 1: 34.00
Target 2: 30.00
Projected range in ATR’s: 1.98
Daily control level: 33.50
MORE ON ACFXblog.com