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GBPUSD may be forming a cycle bottom at 1.6058 level on 4-hour chart. Consolidation in a range between 1.5800 and 1.6058 would likely be seen in a couple of days. As long as 1.5800 level holds, uptrend could be expected to resume and one more rise towards 1.6298 (Nov 4, 2010 high) is still possible and a break above 1.6058 could signal resumption of uptrend.



Daily Forex Forecast

[B]Unemployment Claims and Existing Home Sales in the US are only a few of the highlights events. Let’s see what awaits us today.[/B]
In the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week, is about to reduce by 23K. Important signal of overall economic health.

Later in the US, Existing Home Sales, number of residential buildings that were sold during the previous month, excluding new construction; is about to rise by 0.2M. Sale of a home triggers a wide-reaching ripple effect.
Later on in the US, Philly Fed Manufacturing Index, Survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the ...

Here is a daily recap for January 19th of the main price changes in major energy commodities and precious metals:

Energy prices:

Oil price (WTI spot) fell for the second straight day, yesterday, by 0.57% fell and settled at 90.86 $/b; Brent oil price rose by 0.25% and reached 97.24$/b.

Currently, the gap between the Brent oil and WTI is at 6.41$/b.

Natural gas price (Henry Hub) continues to zigzag, and after it inclined on Tuesday by 1.8%, yesterday it declined by 0.9%, and settled on 4.47 USD/MMBTU.

On the other hand, the Nymex Henry Hub Future Price (futures for February), after it fell on Tuesday by 1.1%, yesterday it sharply inclined by nearly 3%. As a result, ...

NG spot price (Henry Hub) declined yesterday by 0.9%, and since it's price fluctuations are very much identified with the weather changes, there are expectations of a cold front in Northeast of the US, e.g. in New York temperatures are excepted to reach as low as 16 f (-9 c) on Friday with a good chance for snow fall. Thus, this could pressure NG price, such as Ny City gate and Henry Hub to rise as the week will progress.

Furthermore, for the Henry Hub, consider that yesterday the contango between the spot and future (February delivery) prices was 9 cent/mmbtu the highest contango since the beginning of the month. As the Henry Hub future for February is near maturity this could imply that natural gas spot price will show some ...