Bitcoin continues to face resistance
In today’s crypto and forex news roundup, we look at how the crypto markets began the week on a rather muted note with Bitcoin facing considerable resistance at the $10600 level. This did not seem to affect other cryptos which held on to the gains over the past days. In fact, whilst legacy Bitcoin dropped to the $10,200 level, Ethereum remained strong at around the $177 mark with only a minimal 2% drop.
Other crypto currencies well supported
Bitcoin Cash dropped minimally to the $297 mark after having reached $300 over the weekend. EOS was also quite bullish in contrast with other coins and was up by around 2% to the $3.65 level. Litecoin and Ripple retreated slightly but appeared well supported at the $69 and $0.26 mark respectively. Stellar Lumens, IOTA and NEO declined by around 2% overall.
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UK manufacturing data could impact on GBP/USD rate
Brexit blues could continue to spook the UK’s economic performance today. GDP and manufacturing output sectors monthly results are expected to be announced with contractions for the latter of around 0.1% and only a small increase for the former. This would create a bearish outlook for the GBP/USD exchange rate pair. Thus, a disappointing UK GDP report could offer fresh impetus to the GBP bears, as Brexit/ UK political uncertainty continues to loom.
Johnson looking into ways to bypass anti-No-deal bill
The British pound and the EURO will also probably find themselves in some instability with all the Brexit problems going on. Recent developments have shown that UK Prime Minister Boris Johnson is presently looking into ways and means to bypass a law passed by Parliament and which supposedly blocks a No-Deal Brexit. Johnson has also stated that he will definitely not ask the EU for an extension beyond the October 31 deadline. France has also indicated that it would veto any extension for the UK and this could lead to a no-deal Brexit just the same.