Global macro overview for 05/11/2018
November 5, 2018 8:22 amVideo
Latest News
- The market rushed the Fed and was sorely mistaken April 11, 2024
- The June issue can be considered a closed case April 10, 2024
- Dollar spreads its wings April 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 10-15, 2024: sell below $69,000 (3/8 Murray – bullish wedge) April 10, 2024
- Is there a possibility of no Fed rate cuts this year? – Special Report April 10, 2024
- Technical Analysis – Citigroup stock pulls back ahead of earnings April 10, 2024
- Trading Signals for Ethereum (ETH/USD) for April 10-15, 2024: sell below $2,364 (3/8 Murray – symmetrical triangle) April 10, 2024
- EUR/USD and GBP/USD: Technical analysis on April 10 April 10, 2024
- Technical Analysis – USDJPY flies to new 34-year high April 10, 2024
- Technical Analysis – AUDCAD rebounds strongly from uptrend line April 10, 2024
- Banks Q1 earnings: Weak results despite stock outperformance – Stock Markets April 10, 2024
- Forex forecast 04/10/2024: EUR/USD, NZD/USD, USD/CAD and Oil from Sebastian Seliga April 10, 2024
- Technical Analysis – EURCHF eases slightly after 1-year peak April 10, 2024
- GBP/USD on April 10. USD does not rely on traders’ support April 10, 2024
- Technical Analysis – Is CADJPY setting the stage for its next bull run? April 10, 2024
- Technical Analysis – Is CADJPY setting the ground for its next bull run? April 10, 2024
- Technical Analysis – USDJPY flirts with intervention zone April 10, 2024
- Market Comment – Dollar and equities trade higher in anticipation of US CPI release April 10, 2024
- Technical Analysis – EURUSD oscillates within a sideways range April 10, 2024
- Technical Analysis – Gold attempts to unlock new high April 10, 2024
The British newspapers report that the British Prime Minister has succeeded in negotiating with representatives of the European Union. The United Kingdom is to remain in the customs union. Information, for now, comes from an undisclosed source.
Northern Ireland will not be treated in any special way. This probably solves the problem of the hard Irish border and paves the way for an agreement on Brexit. At the same time, May is on the way to a political agreement on the future of the economic partnership. Such a move would allow free trade with the EU.
Last week there were reports that the agreement could be reached by Tuesday. The outcome of the negotiations – if the news is true – is so favorable for the United Kingdom that it should be approved by the government and the parliament. Probably Theresa May will be able to secure his position on the prime minister’s chair.
Let’s now take a look at the GBP/USD technical picture at the H4 time frame. The pair reacted positively to the published information. The price in the new week opened with a gap up of around 60 pips. Since then, increases have already been slightly negated and the cable has returned below the round level of 1.30. The level of 61% Fibo at 1.3029 is still preventing any bullish rallies, just as the technical resistance at the level of 1.3041. Please notice, the market conditions are now overbought and the momentum is weaker than on the way upward, so a short-term pullback might occur any time soon. The nearest technical support is seen at the level of 1.2940-1.2920.
The material has been provided by InstaForex Company – www.instaforex.com
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