empty
 
 
pt
Suporte
Abertura instanânea da conta
Plataforma de negociação
Depósito/Retirada

31.01.202310:49 Forex Analysis & Reviews: Trading plan for EUR/USD and GBP/USD on January 31

Pound rose to highs for more than a week, but then fell and is currently on its way towards the lows. Most likely, it will continue to decline as forecasts on the UK credit market are pointing to a slowdown. In particular, the number of approved mortgages is expected to amount to 45,000, which is lower than the 46,100 the previous month. The volume of mortgage lending may also reach £4.0 billion, down from £4.4 billion last month.

Mortgage lending is directly related to the real estate market, which is very important for the UK economy. Construction and property transactions account for at least 20% of the economy and carry approximately the same weight as retail sales.

Number of approved mortgages (UK):

Exchange Rates 31.01.2023 analysis

As noted above, euro has fallen to lows, but has a higher chance of rebounding earlier than pound. This is because even though the preliminary Q4 GDP data in the eurozone is expected to slowdown from 2.3% to 1.6%, the US year-on-year growth rate is noticeably lower. That would cause a local surge in risk appetite.

GDP (Europe):

Exchange Rates 31.01.2023 analysis

For pound, there is a chance to return to highs as soon as the US session starts because ahead is the monetary policy meeting of the Bank of England.

EUR/USD is in a sideways trend, trading at 1.0830/1.0930. At the time of writing, it is at the lows of the price channel, but a clear breakdown has not been observed yet. Failure to fall below 1.0830 could lead to a rebound.

Exchange Rates 31.01.2023 analysis

GBP/USD is also in a sideways trend, trading at 1.2300/1.2440. A surge in buying pressure could prompt a rebound in the market.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Mark Bom,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Não pode falar agora?
Faça sua pergunta no chat.