Alpari - Analytics

Alpari

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Daily analytical report (02/11/17)

  • GBP was the real star of today's trading. We had the first rise in UK rates since 2007. The outcome of this was bearish for the pound. EURGBP was signalling this possibility yesterday. The price created a hammer candlestick on the daily chart which was bouncing off the important long-term support. Sentiment is definitely positive.
  • Next up is the EURUSD, where we have a small correction of the movements seen in last week. The correction is shaped as a flag and is aiming for the long-term resistance, which at the same time is the neckline of the H&S formation. Sellers have higher odds of succeeding.
  • Gold is in a bearish flag, but at the same time, is very close to breaking the mid-term downwards trend line, especially since we are still above a strong support created by the two Fibonacci lines and two dynamic trend lines.


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