Global macro overview for 30/11/2016:
The Bank of England issued the Financial Stability Report this morning. The general conclusion is, that outlook for UK financial stability "remains challenging". The results of the Bank of England's latest stress tests on the UK's major lenders revealed, that RBS failed on all metrics, while Barclays and Standard Chartered both missed out on one metric (the other banks being tested were Santander UK, Lloyds Banking Group, HSBC, and Nationwide). The results showed, that the EU and UK economies could suffer if the EU rapidly loses access to UK-provided financial services. Moreover, there is still a risk of further price falls in UK commercial real estate, so the UK's large current account deficit is now vulnerable to a reduction in foreign investors appetite. In conclusion, the first cautionary words regarding the UK banking system were published since Brexit, but the financial markets remain calm as most of the UK banks are still in an overall good condition.
Let's now take a look at the GBP/USD technical picture in the 4H time frame. The market is still trading horizontally, bound between two important levels, technical support at the level of 1.2334 and technical resistance at the level of 1.2511. Market participants are still waiting for a trigger that will allow the breakout in either direction.
From www.instaforex.com http://ift.tt/2fLlLQb
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