The Week Ahead – BoE Holds as the Fed Watches On

GBPUSD remains under pressure

BoE interest rates kept Cable downbeat as they remained on hold., denting Conservative hopes of a boost to finances just two weeks before the general election. With labour expected to take a victory with rumours that taxes will increase, personal expenditure will likely fall. Another downturn on the pound could be pivotal and break the recent support at 1.2650, leading to a sell-off towards 1.2450. Any chance of a turnaround? I see 1.2780 as a firm top.

UKOIL continues the bull run

Brent oil steadied as prices hovered just below a seven-week high as escalating conflicts in the Middle East raised supply disruption fears. These fears will likely keep the black gold elevated as usual seasonal factors, refinery runs, and ongoing weather risks contribute to the price spike. Time will tell if oil has another run towards the $100 level. 84.00 is critical support, and 86.50 is the first resistance.

SPX 500 hits another record high

The S&P 500 climbed to another fresh record as the AI rally in Nvidia showed no signs of slowing. With the company overtaking Microsoft as the world’s most valuable company, there seems to be no sign of a slowdown as investors cash in. With every bullish rally comes a correction, but how and when remains to be seen as the RSI ventures into the overbought area. Until then, the index is heading towards 5600, with 5350 as the closest support.

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