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Trading ideas for GBP/USD, USD/JPY and BRENT

December 06, 2021

GBP/USD: The British currency is weakening against the US dollar today. On Friday, the November data on the business activity index in the UK services sector was released, reflecting a decrease from 59.1 to 58.5 points. Nevertheless, the indicator remains at a fairly high level. In general, the growth of business activity in the service sector is constrained by a serious acceleration in inflation, as well as fears of a new wave of coronavirus and additional quarantine restrictions, which will have an extremely negative impact on the gradually recovering tourism and entertainment sectors. It’s also worth noting the comments of Michael Saunders, Member of the Board of the Bank of England. He said that he considers it necessary to have additional information about the impact of the new Omicron variant on the health of citizens and the economy, before deciding to adjust the current monetary policy. However, Saunders warned that the regulator has no opportunity to hesitate with a decision, as keeping rates at current levels complicates the situation on the labor market and contributes to inflation.

SELL LIMIT 1.3255/TP 1.3167/SL 1.3280


USD/JPY: The Japanese currency shows a mixed performance against the US dollar. On Friday, Japan’s services PMI was released for November. The data showed growth from 50.7 to 53.0 points, the highest since 2019. Also note the rhetoric of Prime Minister Fumio Kishida, who said today that his government will soon develop new laws aimed at developing supply chains and basic infrastructure. They should help solve the problems of the Japanese industrial sector and accelerate economic recovery. The closest resistance level may be found at 113.49. A rebound from it may again mean a dip to the 112.600 level.

SELL LIMIT 113.49/TP 112.600/SL 113.770


BRENT: The oil price shows an upward trend against the backdrop of the OPEC + meeting, where the members agreed to continue to comply with the current plan to bring to the market an additional 400 thousand barrels per day of oil monthly. The final statement also noted that the cartel and its allies are ready to make immediate adjustments to their policy in the event that market conditions change for the worse. The rise in energy prices is supported by some diminishing tensions over the spread of the new omicron coronavirus, after scientists in South Africa, where the variant was first discovered, said existing vaccines could still provide protection against the new mutation, and most of the recorded cases of the disease are mild.

BUY LIMIT 69.70/TP 74.00/SL 68.50