IFX Market Report: Friday 30th April 2021

While Sterling made some minor losses in Thursday’s session, economists at the United Overseas Bank (UOB) believe Cable could still advance in the coming weeks. UOB claimed that over the course of the upcoming weeks, the UOB predict from “yesterday (29 Apr, spot at 1.3950) still stands. As highlighted, GBP is expected to trade with an upward bias towards 1.4010. At this stage, the prospect for a sustained rise above this major resistance is not high. On the downside, a break of 1.3850 (‘strong support’ level) would indicate that GBP is not ready to move higher.”

GBPUSD opened Thursday’s session well supported at 1.3959, but lacking any direction, cable remained flat for most of the day, closing the day at 1.3945

GBPEUR in contrast was able to make subtle gains on Thursday. The pair opened at 1.1502 and closed at 1.1530

Similarly to Cable, EURUSD experienced a flat session on Thursday. The pair opened at 1.2135 and closed at 1.2112.

On the data front, at 08:00 German GDP will be released, expected to come in at -3.2%, with a previous of -3.7%. Shortly at 10:00 is Eurozone GDP Inflation and Core Rate. From the US in the afternoon, the major event are the Core PCE Price Index and the Michigan Consumer Sentiment.

Older posts
Newer posts