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EUR/GBP Holding to Ascending Triangle, Awaiting Scottish Election Results Key Talking Points: BoE announces mechanical taper, keeping a lid on inflation expectations A majority for the SNP in Scotland would weigh on GBP as they will push for another independence referendum The immediate risks surrounding the pound are now unfolding, with the Bank of England meeting yesterday and the result of the elections in the UK coming out over the next few days. From the bank of England, there was a 50/50 chance that they would announce a taper in their asset purchases, which they did, but they have str...

Ethereum (ETHUSD) Outperforms as Bitcoin (BTCUSD) Shows Signs of Exhaustion Key Talking Points: Bitcoin continues to face rejection in the area surrounding the 60,000 mark Advertisement Ethereum rose by 6.5% on Wednesday, reversing the losses from the day prior, and consolidating its recent rally. But buyers are struggling again this morning to keep bullish momentum going, with a fresh rejection just off the previous resistance at 3,528. Having fallen below the 3,500 is putting buyers at further risk of reversal, although the mid-point of its Bollinger Bands seems to have been helping stem th...

USDTRY Drops as Turkey Keeps Rates Unchanged, Easing Cycle Expected to Begin Soon Key Talking Points: Rates to remain stable until inflation falls Markets still expect an easing cycle in the next few months Turkey’s Central Bank has left rates unchanged at 19% for a second month in a row, as expected by many analysts. The CBRT has kept monetary policy stable in an attempt to keep rates above inflation in an attempt to maintain a strong disinflationary effect until strong indicators point to a permanent fall in inflation Turkish inflation accelerated for a seventh month in April, spurred on...

European Outlook: DAX 30 Breaking Down, EUR/USD Suffering From Rising Yields Key Talking Points: EUR/USD at risk of falling below 1.20 as rising yields underpin the US Dollar DAX 30 Levels The German DAX managed to regain some bullish momentum in yesterday’s session. The selloff at the end of last week saw the index back at its current support as buyers are struggling to remain in control. The latest retail sales data for Germany helped the DAX 30 push higher in yesterday’s session as the monthly figure came in at 7.7%, beating expectations of just 3% after the country started to unwind s...

Oil Price Forecast: WTI Crude Resumes Climb on Bullish Demand Key Talking Points: WTI Crude bullish momentum to continue if price can consolidate above $65 After a choppy start to the month, crude oil has been picking up pace in recent sessions and is now just below $65 per barrel. There has been quite a bit of noise in the last few months as the virus situation worsened in many countries just after the new year, but WTI crude has been able to keep momentum above $57.30 per barrel for most of it. This area is likely to offer strong support going forward as the bias turns bullish in the short ...