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British Pound Dips Despite the Deal, Here's Why

Created 10/23/2019 at 10:13AM


JPY and CHF are the top G10 FX gainers today, up 0.11% and 0.03% vs the dollar while NOK and AUD are the top losers, down -0.21% and -0.18% vs the dollar. Sterling continues to fall from around $1.30 after the British parliament approved the withdrawal agreement deal while rejecting the tight schedule to get the deal through before the October 31st deadline. British Pound fell because Prime Minister Johnson had said to the parliament that if his deal timetable is rejected and delayed until January, he will not ratify the deal and will instead push for an election before Christmas. Up next is the central bank meetings due on Thursday in Sweden, Norway, and the eurozone.In the Asian equities space, the Nikkei 225 closed up 0.34% at 22,625.38, Hang Seng closed -0.82% at 26566.73 and Kospi ended -0.39% at 2080.62. The European equities were trading mixed with the FTSE 0.41% at 7242.12, DAX 0.01% at 12756.05, and CAC -0.41% at 5634.61. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.738% and the Bund 10-year yield trading at -0.411%. In the energy space, the Brent (front month) is trading down (-0.99%) for the day at $59.11.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1153 for 1.1061
Short-term view: EUR/USD resistance at 1.1153, MACD and RSI are bearish. Hence, we see a move to 1.1061. Above 1.1153 to open 1.1178, likely 1.1200.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2914 for 1.2761
Short-term view: GBP/USD resistance at 1.2914, MACD and RSI are weak. We see risk of a dip to 1.2761. Above 1.3000 to open 1.3060.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.60 for 108.11
Short-term view: USD/JPY has resistance around 108.60, MACD and RSI are weak. Hence, we see a move lower to 108.11. Above 108.60 opens 108.88.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6865 for 0.6789
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6865. A move towards 0.6789 likely. Above 0.6865 to open 0.6883.