Crude Oil futures extended its gains on Wednesday trading at roughly $68/barrel, a high not seen since October 2015. The rally came on news that major oil supplier, Saudi Arabia, is targeting futures prices of $80/barrel. Simultaneously, government data released by the U.S. Energy Information Administration reported U.S. stockpiles fell last week by 1.1 million barrels. Last week’s decline in supply caught many analysts off guard who were expecting an increase of 600K barrels. Read More
During intraday trading on Tuesday, the British Pound inched its way to its highest level against the dollar since Brexit. The nearly two year slump started on June 24th, 2016 when the sterling saw the largest single day drop of any major currency in history as Britain voted to officially leave the EU.
The rebound has been backed by a number of factors surrounding optimism over the pending Brexit process, rate increases and a declining dollar spurred on wariness about U.S. trade policy and continued turmoil in the White House.
While the Pound continues to flirt with its recent intraday high reached in late January, Tuesday’s much anticipated labor data fell short of expectations. Wage growth missed predictions of 3% holding steady at 2.8%. Upcoming inflation data released on Wednesday is sure to be closely monitored by forex traders.
Currently trading in overbought territory as it trades outside of the upper Bollinger Band, coupled with the strong psychological resistance level of 1.43, GBPUSD traders should remain vigilant of potential pullbacks. A close above 1.43 could send the forex pair to continue recording higher highs not seen since the Brexit announcement.
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