Positive Brexit Headlines Give The Pound A Boost

GBP Got Attention From the Buyers

Monday kicked off quite well for the British pound, as reports started coming in with positive developments in the Brexit talks. Ireland’s Prime Minister Michael Martin expressed hopes that a deal between EU and UK could still be done. Even if they start running out of time, the two sides might try to implement a “temporary deal”. Michel Barnier also came out with a note, saying that fundamental differences remain, but they are working hard to reach a consensus. GBP traders took a huge liking of the positive news headlines, giving a good boost to the British currency against its major counterparts.

GBP/CHF — Technical Outlook

GBP/CHF had a good run to the upside yesterday, getting closer to its key resistance area, at 1.2203, marked near the highs of September 1st and November 11th. At the same time the rate is balancing above a short-term tentative upside line taken from the low of November 12th. In order to get a bit more comfortable with the upside, we would prefer to wait for a break above that 1.2203 hurdle first. For now, we will take a cautiously-bullish stance.

Euro Stoxx 50 — Technical Outlook

After a good run to the upside during the first half of November, the Euro Stoxx 50 is seen to be in some consolidation, at the moment. Some might even view it as a possible ascending triangle, which according to all technical analysis rules, could break out to the upside. That said, although all this looks quite positive, we would still prefer to wait for a push above the current highest point of this month, which is at 3505.

As For The Rest Of Today’s Events

The US will post their CB consumer confidence number for the month of November, however that one is expected to be on the lower side, going from the previous 100.9 to 98.0. Certainly, this is not something that investors would like to see going further into the holiday season.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
JFD

JFD

JFD is a leading Group of Companies offering financial and investment services and activities.