Cable trend is down and is trading in a descending channel on the weekly time frame, however on the smaller time frame we have some breakouts occurring which could signal some short-term bullish momentum. A breakout on the 4HR time frame from a falling wedge pattern could potentially see a rally to the top of the channel resistance level.
NZDUSD is currently trading on major support and currently printing a hammer candle on the weekly time frame. On the daily time frame yesterday we had a bullish inside bar which could signal the start of a minor bull run. A break below the support level on the alternative angle would signal bearish momentum to continue.
The Looni might be heading for a bear run with last weeks weekly candle being a bearish engulfing candle. On the daily and 4HR time frames we are trading near diagonal support. Some big news on the economic calendar this week could see either a bounce and continued bull run or a break of support and bearish momentum to resume.
The Bank of England
The Bank of England is the central bank of the United Kingdom. It was established in 1694 and was privately owned in the beginning, the Bank was nationalized in 1946 so now is completely owned by the UK government. BOE’s main reason to be is to maintain monetary and financial stability in the country. Some of its other tasks are producing secure bank notes, operating asset purchase facility and keeping the inflation low and stable.BOE Official Website, on Twitter and Facebook
The European Central Bank (ECB)
The European Central Bank (ECB) is the central bank empowered to manage monetary policy for the Eurozone and maintain price stability so that the euro’s purchasing power is not eroded by inflation. The ECB aims to ensure that the year-on-year increase in consumer prices is less than, but close to 2% over the medium term. Another of its tasks is the one of controlling the money supply. The European Central Bank’s work is organized via the following decision-making bodies: the Executive Board, the Governing Council, and the General Council. Mario Draghi, a member of the Executive Board, is also the President of this organism.
The Federal Reserve Bank (Fed)
The Federal Reserve System (Fed) which is the central banking system of the United States. Fed has two main targets: to keep unemployment rate to their lowest possible levels and inflation around 2%. The Federal Reserve System’s structure is composed of the presidentially appointed Board of Governors, partially presidentially appointed Federal Open Market Committee (FOMC). The FOMC organizes 8 meetings in a year and reviews economic and financial conditions. Also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth.