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Overnight the financial markets have gone quiet if not boring. Weakest, albeit on a limited scale, were AUD and NZD, mostly due to dovish sounding RBA minutes release. EUR/USD is hovering around 1.1740, USD/JPY around 112.55 and GBP/USD – 1.3250. The stock market is trading at a rebound after yesterday's dismal session. Gold grows, oil is standing.
On Tuesday 21st of November, the event calendar is light in important economic data releases. The busiest part will be the UK Public Sector Net Borrowing data release and Inflation Report Hearings with plenty of MPC members speaking. During the US session, Canada will post Wholesale Sales data and US will post Existing Home Sales data.
GBP/USD analysis for 21/11/2017:
The main event of the day will be about politics again as the BOE Deputy Governor for Financial Stability Jon Cunliffe and other MPC members (Ian McCafferty, Gertjan Vlieghe and Michael Saunders) will give speeches today. The main theme of the speeches should be further BoE monetary policy and UK economic assessment, so it will be worth to keep an eye on British Pound related pairs as the volatility might increase.
Let's now take a look at the GBP/USD technical picture at the H4 time frame. The market is still trapped in a horizontal zone between the levels of 1.3040 - 1.3321 and as long as any of this levels is violated the sideways move will continue. The dashed black trendline indicates the bulls are now in charge of the market, at least in the short-term, but any unfavorable comments from MPC members will likely terminate these developments.
Market Snapshot: Gold falls down again
After a failure to rally at the level of $1,290, the price of Gold dropped to the lower channel line support at the level of $1,274, so the sideways move inside the channel is continuing. Nevertheless, since the end of October, no new low was made yet as the market still tries to rally higher. The key to the upside remains the gray zone between the levels of $1,298-$1,305.
Market Snapshot: Head & Shoulder pattern in progress on DAX?
The German DAX Index has made a local low after a drop from the high of 13,515. The bounce from the local low has returned to the previous consolidation area and now it looks like the market is making the Head & Shoulders technical price pattern. The neck line is marked in orange and the target for bears is around the level of 12, 386.
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