Stay 
Trading Conditions
Products
Tools
The investment climate on Monday is good, and the Asian stock market continues to pick up on Europe and the US after the US labor market data on Friday pointed to a positive trend. Japanese Nikkei225 grows by 1.2% and Chinese Shanghai Composite gains 1.7%.
In the currency market, USD is in defensive to other major currencies after the first salvo in the US-China trade war has not fueled investors' fears. Risk appetite is supported by AUD, NZD, SEK and NOK. EUR / USD remains high at 1.1765; USD / JPY, despite several attempts, cannot break above 110.50.
The USD weakness helps in the growth of raw materials. Gold gains 0.4% up to 1260 USD, WTI crude oil grows 0.5% up to 74.1 USD, and copper is increased by 1.6% up to 287 USD.
On Monday, the 9th of July, the event calendar is light in important data releases, but there are some speeches scheduled. First will speak BOE Deputy Governor for Monetary Policy Ben Broadbent, then ECB President Mario Draghi. Worth to keep an eye on them as the volatility might increase during the time of speech.
GBP/USD analysis for 09/07/2018:
The pound tolerates the turbulence on the British political scene quite well. On Friday after long talks, Prime Minister May agreed in the government a consensus on Brexit's proposal to present the EU. The solution was not well received by everyone, because on Sunday three of the five ministers responsible for conducting Brexit negotiations resigned. In the letter of resignation, the chief talks coordinator David Davis wrote that the current political trend and adopted tactics are making it less and less likely that the United Kingdom will leave the customs union and the single European market.
Let's now take a look at the GBP/USD technical picture at the H4 time frame. GBP/USD temporarily retreated to 1.3280, but it is back over 1.33. Currently, the local high was set at the level of 1.3350, just where the technical resistance lies. The momentum is strong and positive and with the help of any good news or data, the bulls have a chance to rally towards the level of 1.3439. The nearest support is seen at the level of 1.3314 - 1.3306 zone. Short term bias remains bullish.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
