The Week Ahead – Looking forward, not backwards

GBPUSD looking to continue the rally

Cable remains upbeat after jumping over 200 pips at the backend of last week.

• Interest rate decisions from the Bank of England and the Fed propelled the pair higher.
• This week’s ISM and Non-Farm data will look to get the dollar back on track.
• Any chance of a continuation to the recent upward movement sees 1.3550 being a firm top.
• Exhaustion on the pair could lead to a full reversal towards the 1.3300 region.

USOIL remains volatile

Crude oil looks for its next direction as this reflects mounting concerns on global demand.

• Escalating tensions are not helping, as these frictions have heightened fears of a slowdown in economic activity.
• Continuous peace talks, interrupted by further conflcit, could see prices move higher.
• The new week brings a new month, with hopes of some resolution.
• 80.00 is a critical support and 93.00 the first resistance.

SPX 500 looks for another record

The S&P 500 climbed to another fresh high with earnings season being the gift that keeps on giving.

• With big tech stocks announcing their corporate earnings last week, we saw an extension of gains with indices across the board.
• With every bull rally comes a correction, but how and when remains to be seen.
• Until then, the index is heading towards 7550 with 7300 as the closest support.
  

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