GBPUSD drops from multi-year highs
Cable bounced away from its recent double top as the Fed hints at holding rates unchanged for longer. The recent spike in inflation has not helped the pound, as the economy continues to struggle with expansion. With a strong dollar across the board pairing gains against its rivals, it could be a while before we see the pair hit another multi-year high. Next up this week is PMI data, which is expected to have mixed results. 1.3300 is the closest support, with 1.3480 being the recent top.
UKOIL (brent) on the road to recovery
UKOIL (brent) continues to push the boundaries of recovery as it aims to recapture the 70.00 level. The recent gains came as economists expect summer fuel demand to push the market in the coming months. However, with ongoing political tensions, traders will be wary of going all in with trading the black gold, as the previous sell-off of over $10 is still fresh in their memory. 66.00 is a critical support, and 70.50 is the first resistance.
SPX 500 advances on Fed progress
The S&P 500 reached another record close as tech stocks continued to deliver. With the Fed remaining tight-lipped about its next move, it has indicated a progressive movement towards inflation, even though it remains a long way off the 2% target. With only one rate cut expected this year, this might not be the last record high we see on the indexes across the board. 6400 is the next target to the upside, with 6000 serving as a vital support level.
Test your forex and CFD trading strategy with Orbex
The post The Week Ahead – S&P Hits Another Record appeared first on Orbex Forex Trading Blog.