Trial now
EURGBP TECHS

Trend Signals Remain Bearish

GBPUSD TECHS

Holding Onto Recent Gains

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

  • Oil markets globally slid sharply into the Monday close, with WTI and Brent crude futures off around 2% apiece. Concerns over any macro spillover from the potential default of China real estate giant Evergrande are largely responsible for the reversal, but pre-positioning ahead of Wednesday's Fed decision may also be playing a part, with the USD sharply stronger.
  • Despite the pullback in WTI, futures maintain a bullish outlook following last week's gains. The climb resulted in a break of $71.30, the bear channel top drawn off the Jul 6 high. The move higher strengthens the current bullish theme and signals scope for further short-term gains.
  • Gas prices globally continue to grind higher, with a number of governments now becoming concerned over supply constraints and the possible folding of a number of smaller energy providers. The UK government are said to be seeking information on the hedging arrangements for a number of suppliers, with UK day ahead gas prices again closing at alltime highs. Prices are higher by close to 500% over the past 12 months.