InstaForex - Analytics

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    Global macro overview for 01/07/2016

    Global macro analysis for 01/07/2016:

    The Bank of England Governor Mark Carney said yesterday, that in order to improve the economic growth after Brexit, further rate cuts would be needed. The U.K. benchmark interest rate is at a record low of 0.50 percent. Political stability in Britain is another victim of the uncertainty caused by Brexit. Boris Johnson, former London mayor and leading Brexit campaigner, has taken himself out of the running after failing to keep the support of his campaign manager Michael Cove. In conclusion, if BoE is going to cut the rates this summer, then FED will keep the interest rates at the record lows or cut it as well.

    Let's now take a look at the GBP/CAD technical picture in the daily time frame. After Brexit, the market has made another lower low at the level of 1.7145 and now this is the most important support for bulls. On the other side, the most important resistance is at the level of 1.7521, but it looks highly unlikely for bulls to manage to break above it any time soon.

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