Trading plan for 21/01/2019
January 21, 2019 8:26 amVideo
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There is a calm start of trading in the new week as the data on GDP from China fell as expected, not disturbing. The currency market is experiencing low volatility, stock exchanges are on a slight increase.
China’s GDP in the fourth quarter increased by 6.4% y / y, which is a result in line with expectations but confirms a progressive slowdown (6.5% in Q3). This is the weakest result since 2009, and the trade dispute with the US is indicated as the main factor negatively affecting the economy.Sentiment in Asia remains good because investors are holding on to the hope that trade talks between the US and China will move towards agreement. Even with signs of a slowdown in China’s economic growth, the conviction that the Chinese authorities will start to engage more strongly in stimulating the recovery prevails.Chinese Shanghai Composite is growing today 0.5%.In Japan, Nikkei225 gains 0.3%.
On Monday, the 21st of January, the event calendar is empty in important economic data releases (except the China data that were published overnight already).
GBP/USD analysis for 21/01/2019:
Today, the Prime Minister of Great Britain should reveal plan B for Brexit in Parliament. According to local newspapers, Theresa May is to reject calls for cross-party consensus, in return for renegotiating a backstop in Brussels (emergency plan for Ireland) to gain the support of ERG and DUP. On Saturday, German Chancellor Merkel said she intended to work “until the last day” to ensure agreed and orderly Brexit. The financial media reports that EU countries are divided on how long the brexit can be postponed, although the official request of the British government has not yet been made.
Let’s now take a look at the GBP/USD technical picture at the H4 time frame. The market reversed after reaching the projected target at the level of 1.2976, overshoot towards the long-term trend line resistance at the level of 1.3000 and then finally started a corrective move down (Bearish Harami candlestick pattern was made as well). Currently, the price is trading close to the technical support at the level of 1.2832 – 1.2814 and this zone is the target for bears for next hours.
The material has been provided by InstaForex Company – www.instaforex.com
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