On Monday, 4th of July the British Pound trades on positive area. Currently, the GBP/USD pair trades near the level of 1.3280 by adding 0.25%.
The British Pound continues to manage its losses due to Brexit.
As Bloomberg notes, “The pound rose, rallying from its biggest two-week drop in more than seven years after U.K. authorities flagged measures to mitigate the impact on the economy of the vote to leave the European Union.
Sterling strengthened against the dollar for the first time in three sessions on Monday after Chancellor of the Exchequer George Osborne floated a lower corporate tax rate in an interview with the Financial Times, and before Bank of England Governor Mark Carney outlines the available macroprudential tools on Tuesday. Chart patterns suggest the U.K. currency is near oversold levels, following its plunge to the lowest level in more than three decades last week.”
“The latest measures announced to stimulate the U.K. economy -- lower corporate taxes and BOE macroprudential easing -- should be viewed by the market as positive and may help the pound partly rebound in the near term,” said Imre Speizer, a market strategist at Westpac Banking Corp. in Auckland. “But ultimately, a lower pound will be required to help rebalance the U.K. economy.”
The resistance levels for the Pound are 1.3340 and 1.34200
The support levels for the GBP/USD are following 1.3245 and 1.3205
This morning during the Asian trading session, Silver surged above the level of $21 per ounce for the first time in two years as investors sought precious metals as haven assets following the U.K.’s vote to leave the European Union.
Currently, we are observing a technical correction. However, Silver is adding over 3% and trades near to the level of $20.35.
“There is a huge momentum in buying silver on the way up,” Bob Takai, chief executive officer and president of Sumitomo Corporation Global Research Co., said by phone from Tokyo. “Those who are a little bit reluctant to increase investment in gold are now flowing into the silver market which is very cheap.”
The resistance levels for Silver are $20.60 and $21.20
The support levels for Silver are following $20.05 and $19.50