UK Private Sector Returns To Growth In January

The UK private sector returned to growth in January driven by a sharp rise in new work, survey results from IHS Markit and Chartered Institute of Procurement & Supply showed Friday. The composite output index rose to a 16-month high of 52.4 in January from 49.3 in December. The headline reading registered above the crucial 50 score for the first time since August 2019. The score was also above the forecast of 50.7. The service sector expanded at the fastest pace in more than a year and the manufacturing sector moved closer to stagnation. The services Purchasing Managers’ Index advanced more-than-expected to 52.9 in January from 50.0 a month ago. The expected level was 51.1. At the same time, manufacturing PMI improved to 49.8 from 47.5 in the previous month and above the forecast of 48.8. The new work grew the most since September 2018. There were widespread reports that reduced political uncertainty following the general election had a positive impact on business and consumer spending decisions at the start of the year. The material has been provided by InstaForex Company – www.instaforex.com…

Pound Retreats After U.K. PMI Data

At 4.30 am ET Friday, the UK CIPS/Markit composite PMI survey results have been released. The pound retreated from its early highs against its major rivals after the data. The pound was trading at 1.3138 against the greenback, 144.06 against the yen, 1.2747 against the franc and 0.8406 against the euro around 4:33 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

BTC analysis for 01.24.2020 – Important pivot-resistance level is set at the price of $8.470

Industry news:Countries continue to move forward in the cryptocurrency market with new intentions of issuing central bank digital currencies (CBDCs). Japan, one of the richest countries in the world is analysing the effects that a local digital currency would have on the economy. One of the lawmakers from the Liberal Democratic Party, Norihiro Nakayama, the first step would be to look into the idea of creating the so-called digital yen. Mr. Nakayama is also a parliamentary vice-minister for foreign affairs. Technical analysis:BItcoin has been trading sideways at the price of $8.400. The price is near very important pivot-resistance at the $8.470. Watch for price action around this pivot to confirm further direction.The rejection of resistance may confirm further downside continuation and the downward targets at $8.090 and $7.683.The stronger breakout of the resistance at $8.470 cam confirms re-test of the $8.780.MACD oscillator is showing positive reading above the zero…Major resistance is set at the price of $8.470Support levels and downward targets are set at the price of $8.090 and $7.683.The material has been provided by InstaForex Company – www.instaforex.com…

EUR/USD. January 24. The breakout of the trend line has been completed! We are waiting for a further fall in the euro

EUR/USD – 4H.

As seen on the 4-hour chart, the EUR/USD pair continued the process of falling and performed a consolidation under the upward trend line. Thus, now traders can count on the continuation of the decline of the euro-dollar pair. To date, the quotes have already made a drop to the low level of 1.1040 and closed below it. Thus, there is still one more undeveloped target for the fall – 1.0989. The pair remains inside the downward trend corridor, which still clearly reflects the mood of most traders. Today, the divergence is not observed in any indicator. The information background yesterday was negative for the euro currency, but today traders are still in a bad mood. Despite more or less good indicators of business activity in the European Union and Germany (almost all values exceeded their forecasts), the fall of the euro currency continued. Thus, we are now seeing the reaction of European traders to the events of yesterday in the ECB. Today, the release of business activity indices in the US services and manufacturing sectors is also planned, as well as a speech by ECB President Christine Lagarde. Thus, in the second half of the day, the mood of…

GBP/USD. January 24. Business activity in the UK has grown, and the British – fell

GBP/USD – 4H.

As seen on the 4-hour chart, the GBP/USD pair performed two rebounds from the corrective level of 38.2% (1.3139) at once and a reversal in favor of the US currency with consolidation under the small correction line. Thus, another signal was received for sales of the British with the goal of a global correction line or the Fibo level of 76.4% (1.2995). There are no emerging divergences today. Closing the pair’s rate below the global correction line will significantly increase the probability of a further fall in the pound. The information background was favorable to the pound today. The index of business activity in the service sector was better than traders’ expectations at 52.9, while the index of business activity in the manufacturing sector was also better at 49.8. However, these economic data did not help the pound, which a few days earlier showed growth without positive statistics. Now I expect the pair’s quotes to fall by 100 points down, where I expect the situation to clear up near the global correction line. This is what the graphical indicators are saying now.
Forecast for GBP/USD and trading recommendations:
The trading idea is still in the sales of the pound. Near the…

EUR/USD for January 24,2020 – First downwad target at the prrice of 1.1040 reached, second downwarrd target on the way at

EUR has been trading downwards. As I expected, after the ECB Press Conference yesterday, the price tested our first downward target from yesterday at the level of 1.1040. I see further downside on the EUR and potential test of our second target at 1.1000.The rejection of Head and Shoulders pattern in the background was key factor for the downside. My advice is still to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes. MACD oscillator is showing new momentum down and the slow line is turned to the downside.Resistance levels are set at the price 1.1040 and 1.1060Support level and our second target is set at the price of 1.1000.The material has been provided by InstaForex Company – www.instaforex.com…

Trading recommendations for EUR/USD on January 24

From a complex analysis, we see three events at once: the breakdown of the range level, the breakdown of accumulation, and the expected resumption of the recovery process. For three days in a row, the quote moved along the range level of 1.1080, having a rather narrow oscillation amplitude of 1.1070/1.1100. The process of peculiar accumulation was unwavering, which led many to think of the coming surge in the activity. Thursday was the starting point in our rally, where, against the backdrop of the ECB meeting, accumulation was no longer able to hold back borders and we saw a sharp surge in short positions. The existing activity immediately lowered the quote to the area of 1.1035, where a point of variable support was found against the background of local oversold and a pullback. Everything that happened above again led to a broad discussion of the recovery process, in connection with the breakdown of the first stage (1.1080), relative to the oblong correction. The recovery theory has been rumored by traders for a very long time, referring to the fact that the main downward trend did not suffer from the existing correction, and everything that happens is similar to the history…

Gold 01.24.2020 – Breakout of the upward Pitchfork channel, selling oppotuntiies preferable

Gold has been trading downwards. As I expected, the price tested the level of $1,557. I see further downside on the Gold and potential re-test of $1.552 and $1.546. Additionally, there is the breakout of the Pitchfork upward channel.The rejection of the strong pivot level at $1.567 in the background was key factor for the downside. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes. MACD oscillator is showing negative reading below the zero and slow line is turning to the downside.Resistance levels are set at the price of 1$1.562 and $1.567Support levels and downward targets are set at the price of $1.552 and $1.546.The material has been provided by InstaForex Company – www.instaforex.com…