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Technical and fundamental analysis for Cable, Gold and Brent

Written by Imran Allana

Forex Analysis - 21st November 2014

GBPUSD technical analysis

GBP/USD was higher overnight, up modestly from 1.5679 to 1.5714 on broad USD weakness before easing back. US session support was seen at 1.5680 and held in Asia despite several attempts to break lower. Cable has since broken this support area in early European trading as short EUR/GBP flows spill into the GBP/USD sell off.

Gold (XAU) technical analysis (chart)

Gold was on track for its third straight weekly gain on Friday, buoyed by short-covering and a pause in the dollar rally, while traders also eyed central bank activity for cues. The precious metal traded between $1,175 an ounce and $1,205 this week, largely steady after a dip to four and a half year lows earlier in the month. Spot gold ticked up 0.2 percent to $1,195 by 07:24 GMT, after gaining nearly 1 percent in the previous session.

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Financial Calendar

United Kingdom & Euro Zone

Sunday 23rd November 2014

Time Location Indicator Period Unit Forecast Previous Actual
--:-- No Data Set for the United Kingdom or Euro Zone

Dovish policymakers influence USD, GBP sell-offs

Written by The easy-forex team

Weekly Outlook - 17th November 2014

Both the U.S. dollar and British pound recorded losses after comments by both economies’ policymakers were rather dovish.

Even though some members of the Federal Reserve, namely Philadelphia Fed President Charles Plosser and Dallas Fed President Richard Fisher, are setting a rather hawkish tone for increasing interest rates within the first half of 2015, New York Fed President William Dudley appeared more cautious to the prospect of a rushed interest rate hike to have a negative effect on the U.S. economy. William Dudley expressed his opinion that it is quite early to think about raising interest rates, at a time where current inflation levels are below the Fed’s target, and incorporate a more gradual rate increase that would be in line with the rate of economic recovery. He also suggested that it would be beneficial to keep the U.S. economy “running hot” during the period where the long-term unemployment rate is still high, and pointed out that the recent Nonfarm Payrolls (NFP) data have not changed his economic projections in any meaningful way. Despite his concerns and suggestions, Mr. Dudley estimates that the first increase of interest rates might take place within the next year, provided that there will be economic growth in line with expectations.

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