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The British pound initially tried to rally during the trading session on Monday but pulled back from the 50 day EMA. The market continues to go back and forth just above the 1.30 level, and at this point it looks as if the market is trying to build up enough momentum to make its next move.
The British pound posted gains every day last week but the upward momentum appears to have stalled at resistance from a horizontal level and the 50-day moving average.
Retailers are warning prime minister Boris Johnson’s Brexit trade plans could lead to higher food prices and reduced stocks in UK shops.
It’s a busy week ahead, with private sector PMI numbers likely to reflect the impact of COVID-19 on economies. Falling cases should soften the blow, however.
The British pound recovered during the week, breaking above the 1.30 level but quite frankly it faces a slew of resistance just above.
The British pound pulled back a bit against the US dollar heading into the weekend as a bit of profit-taking may have been in order. That being said, it’s worth noting that the 1.30 level has also offered a bit of support during the session.
GBP/USD rose for a fourth consecutive day on Thursday but has lost upward momentum in the near-term as a technical level at 1.3050 has proven to be a hurdle.
The revolving door means constant change in policy as ambitious but inexperienced ministers look to make their mark, according to business leaders.
The British pound is showing limited movement, after pushing above the 1.30 level on Thursday. Investors are keeping a close eye on U.S. retail sales reports, which will be released at 13:30 GMT.
It’s a busy day ahead on the economic calendar as the markets digest the latest COVID-19 numbers. The EUR and the USD will be in the spotlight.
The British pound rallied significantly during the trading session on Thursday, breaking above the 1.30 level, and perhaps even more importantly it broke above the top of the shooting star from the previous session.
Sunak, 39, worked in finance in the City of London and California for over a decade before entering politics in 2015.
The pound rose as analysts predicted the government will turn on the spending taps in the budget after Downing Street's 'power grab' over the Treasury.
2020 is so far a nightmare for the EURUSD. The pair is extending the losses and today, we are on the lowest levels since May 2017.
The British pound remains close to the 1.30 level and could challenge this key line before the end of the week. Investors are keeping a close eye on U.S. consumer inflation releases, which will be published at 13:30 GMT.