Brexit posturing by both sides are continuing to hog headlines. The latest item to be debated is UK’s access to Galileo post Brexit.
Despite all these headlines, GBPEUR is still stuck in a tight range. The last three weeks saw no movements outside 1.130-1.145. Economic data by the UK (GDP) and GER (IFO) today are within expectations and contain no surprises.
Technically, however, we expect the ever-tightening range to give way to a trend soon. The pattern of rising lows and highs favours the upside.
Turning to GBPUSD, the rate is continuing to experience downward pressure as USD remains in high demand. The jitters in emerging markets have not dissipated. We expect a test of 1.3300 soon.
Jackson has over 10 years experience as a financial analyst. Previously a director of Stockcube Research as head of Investors Intelligence providing market timing advice and research to some of the world largest institutions and hedge funds.
Expertise: Global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University.