Sterling may recover slightly after recent losses, says Ebury

GBP/USD’s rally accelerated higher last week and the break of 1.3141 resistance confirms larger up trend resumption. Initial bias remains on the upside this week for 100% projection of 1.2298 to 1.3043 from 1.2664 at 1.3409. On the downside, below 1.3075 minor support will turn intraday bias neutral and bring consolidations, before staging another rally….

Crude oil prices have extended gains, supported by stability at $62.00 and breaching a bearish trend line, but negative pressure remains due to trading below EMA50. The RSI reaching overbought levels and negative divergence signals a possible loss of momentum and entry into a new bearish wave. The (crude oil) price extended its gains in…

Fuel prices are the main source of concern. Around two-thirds of respondents expect gasoline prices to be higher in a year, with the average expected increase at nearly 50 cents per gallon. For households, this means a risk of higher everyday costs, while for the broader economy it raises the possibility of weaker consumer spending…

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