12 June 2020

British GDP: Friday, 6:00. The British economy plunged 5.8% in March, as the economy buckled under the weight of the Covid-19 pandemic. Still, this was better than the forecast of 7.9 percent. Analysts are projecting a staggering -18.0% reading in April. If the economy does hit a double-digit decline, we could see the pound react negatively.

French Final CPI: Friday, 6:45. Inflation in the eurozone’s second-largest economy remains low. CPI has posted only one gain in the past four months and came in at a flat 0.0% in April. No change is expected in the May release.

British Consumer Inflation Expectations: Friday, 8:30. The indicator is closely watched, as inflation expectations can translate into actual inflation figures. The indicator dipped to 3.0% in Q4 of 2019, its lowest level since Q2 of 2018. We now await the Q1 data.

EUR
French Final CPI

GBP
British GDP
British Consumer Inflation Expectations

  • EURUSD

Update: Final target was hit. The chart above shows that the pair is trading below a strong resistance level that is 1.1377. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.1300 followed by 1.1250.

Resistance levels: Support levels: Recommended:
▪ 1.1400
▪ 1.1377
▪ 1.1350
▪ 1.1300
▪ 1.1280
▪ 1.1240
We are bearish as long as the pair is trading below the level of 1.1377.
  • GBPUSD

Update: The target if the upside was hit and also the target of the downside was hit. As could be seen on the chart above that the pair is trading above a strong support level 1.2644. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1.2800. On the other hand, if the level of 1.2644 is broken, we can go short targeting the level of 1.2600

Resistance levels: Support levels: Recommended:
▪ 1.2850
▪ 1.2800
▪ 1.2750
▪ 1.2644
▪ 1.2600
▪ 1.2580
We are bullish as long as the pair is trading above the level of 1.2644.
  • GOLD

Update: Final target was hit. As could be seen on the chart above that the pair is trading above a strong support level that is 1700. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1720 followed by 1740.

Resistance levels: Support levels: Recommended:
▪ 1740
▪ 1730
▪ 1720
▪ 1700
▪ 1690
▪ 1670
We are bullish as long as the pair is trading above the level of 1700.
  • AUDUSD

Update: Final target was hit. As could be seen on the chart above that the pair is trading below a strong resistance level that is 0.7000. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.6850 followed by 0.6830

Resistance levels: Support levels: Recommended:
▪ 0.7500
▪ 0.7300
▪ 0.7000
▪ 0.6880
▪ 0.6820
▪ 0.6800
We are bearish as long as the pair is trading below the level of 0.7000
  • GBPJPY

Update: Final target was hit. As could be seen on the chart above that the pair is trading below a strong resistance level that 137.40. Therefore, we are bearish as long as the pair is trading below it. Our first target is 135.00 followed by 134.25.

Resistance levels: Support levels: Recommended:
▪ 138.00
▪ 137.40
▪ 137.20
▪ 135.00
▪ 134.25
▪ 134.00
We are bearish as long as the pair is traded below the level of 137.40.

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