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GBPUSD Set To Post Lowest Weekly Close Since 1985

FOREX
  • Friday’s GBP weakness was initiated by a weaker-than-expected August retail sales report which triggered some momentum selling below 1.14 to print fresh cycle lows at 1.1351. Additionally, the noted key resistance and bull trigger at 0.8721 in EURGBP gave way. The climb confirms a resumption of the bull cycle that started early March and opens 0.8811, a Fibonacci projection.
  • Major equities were had grinded consistently lower throughout APAC and European trade which had bolstered the greenback overall. However, following the release of below expectation US University of Michigan data, a brief bout of equity strength weighed heavily on the dollar and saw a near 0.5% reversal in the USD index to fresh session lows.
  • This weaker greenback price action also coincided with the lead up to the WMR fix at 1600BST, with the USD bottoming shortly before the bottom of the hour. Stocks resumed their downward trajectory shortly after and although the greenback regained its poise, the USD index appears content to close at unchanged levels for the day and posting a firm 1% advance for the week.
  • Alongside sterling, the Canadian dollar is one of the main underperformers, with USDCAD briefly piercing the 1.3300 mark (Nov 4, 2020 high) today. This follows yesterday’s breach of 1.3224, confirming a resumption of the broader technical uptrend.
  • Following Monday’s holidays in both the UK and Japan, focus will quickly turn to a plethora of central bank decisions. The most notable being the Fed (Wednesday) and the BoE (Thursday), however, the SNB and BOJ, Riksbank and Norges Bank meetings will be eagerly awaited.
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