Market commentary: The Pound remains within a tight range


Daily Market News

ActivTrades’ Market Analysts have provided their daily commentary on traditional markets for April 10, 2019. 


Forex/Brexit

The Pound remains within a tight range, currently trading around $1.30. Despite overnight reports pointing to EU intentions to offer the UK an extension to article 50, that could last for up to a year, the Pound barely moved.

This is a good illustration of how markets look at Sterling these days; with scepticism and caution, somehow immune to news and rumours. Until there are actual facts and a clearer picture on the Brexit process outcome, it is unlikely that the Forex market will deviate from the uncertainty already priced in.

Ricardo Evangelista – Senior Analyst, ActivTrades

Gold

Gold is holding above $1,300 and bulls are trying to recover strength after the IMF downgraded the global economic outlook. Investors are now waiting for hints on policy from the ECB, with uncertainty spreading across the stock markets, an element that could be supportive for gold, helping it to score further recoveries.

From a technical point of view, the former resistance of $1,300 has now become a new support for prices, which are now in the range $1,300 to $1,320.

Carlo Alberto De Casa – Chief analyst, ActivTrades

Oil

The oil price is lateralizing after the rally seen on Friday and early this week. Investors are carefully monitoring the evolution of Libya crisis, which is one of the key elements, together with the OPEC+ production cuts and the Venezuela and Iran issues- that could push this rally further. From a technical point of view, barrel (WTI) is now facing a significant resistance area at $64/64,5. If prices stabilise above this threshold, there could be space for further rallies to $66.5.

Carlo Alberto De Casa – Chief analyst, ActivTrades

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Market commentary: The Pound remains within a tight range

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