GBP/USD Forecast August 21-25 2017

GBP/USD remained pressured once gain even though some data points were OK. The upcoming week features the second read of GDP among other events. Here are the key events and an updated technical analysis for GBP/USD. UK inflation data missed expectations, pushing back any potential rate hike in the UK. On the other hand, there were encouraging signs from […]

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Stocks Jump On Rumors That Bannon Firing Is Imminent

A decision is reportedly imminent from White House chief of staff John Kelly on whether Steve Bannon will keep his job, according to administration officials with knowledge of the situation. Axios reports that man West Wing officials are now asking "when," not "if," Bannon goes.

Axios points out that Bannon, who has run afoul of Trump in the past, is now suspected by the president of leaking about his West Wing colleagues.

Trump resents the publicity Bannon has been getting as mastermind of the campaign.

 

Many West Wing officials are now asking "when," not "if," Bannon goes.

 

Chief of Staff General John Kelly has been reviewing Bannon's position.

 

A recent deluge of media coverage of Bannon – including Bannon's explosive conversation with the American Prospect – have not escaped either the president's or Kelly's attention.

One White House source twists the knife:

"His departure may seem turbulent in the media, but inside it will be very smooth. He has no projects or responsibilities to hand off."

Interestingly, the market is bouncing on these headlines (presumably this would be a win for Cohn).

Which is odd because the actual report contains absolutely no additional information at all that Bannon may or many not fired.

However, Axios does note that there are a number of reasons why Bannon may survive…

Trump often sends mixed signals about his personnel plans, and makes decisions — both to keep and dismiss people — on whim.

 

Bannon, with his close connection to the president's base, is the one West Wing official who could do authentic damage to Trump on the outside.

 

We're told that Bannon's friendship with the billionaire Mercer family, who has been an important Trump ally, is a factor in the president's decision and could be part of the strategist's survival package.

One Bannon friend warned: "Get ready for Bannon the barbarian."

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Technical analysis of USD/JPY for August 18, 2017

USDJPYM30.png

USD/JPY is under pressure and expected to trade with bearish outlook. The pair remains in consolidation, and the nearest resistance at 109.25 maintains the strong selling pressure on the prices. Furthermore, the relative strength index is mixed to bearish below its neutrality area at 50.

To sum up, as long as 109.14 holds on the upside, look for a return to 108.30. A break below 108.30 would trigger a new drop towards 108.10.

Alternatively, if the price moves in the opposite direction, a long position is recommended above 109.25 with a target at 109.65.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 109.25, Take Profit: 1

Resistance levels: 109.65, 109.90, and 110.25

Support Levels: 108.30, 108.10, 107.50

The material has been provided by InstaForex Company – www.instaforex.com

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Another cable bid evaporates. It’s not looking great for the pound

Cable flat on the day as earlier rally erased
Disappointment is the story for cable bulls in August and that continues on Friday. The pair hit an 11-month high of 1.3267 on August 2 set the table for what could have been a strong month, especially as the US dollar began to skid.

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Fed’s Kaplan sees 2017 GDP growth a little above 2%

Kaplan speaking in Dallas
– Strength of US consumer is underpinning economy
– US household sector has great capacity to spend
Shouldn’t the aim be to grow GDP-per-capita? I mean, growth is good for corporations and government tax revenues but GDP per capita is the bottom line on how effective your country is and the standard of living.

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USD/JPY closes in on the August low as the dollar bleed continues

108.68 was last Friday’s spike low
USD/JPY is the chart of the day today and the big question is whether it can hold the August low.
The low of 108.68 last week also corresponds closely with the June low of 108.69 so that makes it doubly important.

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