Тhe
EU chief Brexit negotiator Michel Barnier announced that is excluding aspecial deal for the UK banks with access to the common European market as Brexit is taking pre-negotiation
position. PM May’s
cabinet is staying united while her Conservative party rebels. By and large tough times for the Sterling after almost a year in the first
stage of negotiations.
GBP/USD was caught in tight range today between 1.3320 – 1.3450. This movement might be considered as correction, but before year’s end the downward trend line was marked out.
On the four hour time frame the price is few pips below its bearish 20-day SMA, while the 100-day and 200-day SMAs maintain slow upward slopes. Stochastic reached its mid-line, but has turned sharply to south. RSI is also around its middle and is showing bearish momentum.
Immediate support is provided by the 38.2% Fibonacci rertacement of latest August to September bullish run at 1.3320 and the pair will try to test it.
The macro agenda from UK today offered nothing, but from US we have housing data release. But more interesting news are the news surrounding the US tax reform bill. This configuration of fundamentals is favoring the US dollar and provides another confirmation of the bearish trend.
GBP/USD was caught in tight range today between 1.3320 – 1.3450. This movement might be considered as correction, but before year’s end the downward trend line was marked out.
On the four hour time frame the price is few pips below its bearish 20-day SMA, while the 100-day and 200-day SMAs maintain slow upward slopes. Stochastic reached its mid-line, but has turned sharply to south. RSI is also around its middle and is showing bearish momentum.
Immediate support is provided by the 38.2% Fibonacci rertacement of latest August to September bullish run at 1.3320 and the pair will try to test it.
The macro agenda from UK today offered nothing, but from US we have housing data release. But more interesting news are the news surrounding the US tax reform bill. This configuration of fundamentals is favoring the US dollar and provides another confirmation of the bearish trend.
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