Analytics

News, Trend, & Analytics 12.02.2021

Banking’s 14yr Slump

Today the focus is on the change in the UK GDP measures, Bank Rossii deciding on the short-term interest rate, and on the Indian Consumer Price Index.

 

Calendar

07:00 UTC

The UK Office for National Statistics will release its report on GDP. Forecast: -8.1%. If the results are higher than expected the GBP could receive a positive push.

Assets to trade: GBP/USD, EUR/GBP, GBP/AUD

 

News

India is to recalculate its Consumer Price Index. The impact from it is two fold, as the Indian currency can go both up and down. Affects Gold


Bank of Russia is to announce whether it would change its short term interest rate. So far, no changes are expected. Affects Silver


US weekly jobless claims were worse than expected as labor market recovery stalls. Affects USD


Bank of America indicates that bank stocks are about to break out of a 14-year rut. Affects S&P 500


Bitcoin blows past $48,000, as major financial companies warm up to the usage of crypto. Affects Bitcoin

 

Technical Analysis

GBP/USD

The year 2020 was harsh on the UK, but 2021 might just give them a break. If the upcoming reports on the Kingdom’s GDP show a positive change, then GBP might enter a bullish phase.

GBP/USD pair entered a Shooting Star pattern, closing the uptrend with a gap up that could end with the reversal.

S&P 500

S&P 500 seems to have arrive at the end of its uptrend, as it shows the signs of a strong reversal trend.

Bitcoin

BTC is currently in full-on bullish mode and shows no signs of stopping yet. Still, a quick rise like that can also end just as quickly, as it finds its resistance level.

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