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Daily F.X. Analysis, October 28 – Top Trade Setups In Forex - NFP Week Ahead! 

The dollar remained weak due to the possibility of the third rate cut by the Fed this month. In addition to the downward movement of EUR/USD, the possibility of the German Economy falling into recession is still on board, and it has given a continuous downward pressure to Euro currency. PM Boris Johnson wants to leave on the said deadline of 31st October but has failed to achieve it due to the UK Parliament rejection over his provided timetable, which was very short for reviewing the proposed agreement of Brexit by Johnson. Lately, there were massive swing movements in BTC from the $7,500 support versus the US Dollar. The BTC/USD pair returned more than 20% and slashed much resistance near $8,500 and $9,000. Furthermore, the BTC/USD candles closed above the $8,500 hurdle area and the 100 simple moving average (4-hours). Lastly, the price increased over the $10,000 resistance and traded near to the $10,600 resistance zone. The BTC/USD exhibited dramatic buying on Friday and during the weekend. The leading crypto pair surged to trade below 10,000 psychological trading levels. On the 4 hourly charts, the BTC/USD is forming a Doji candle, but it's still not concluded yet. Support Resistance 7,156.7 7,864.28 6,876.63 8,291.79 6,169.05 8,999.37 Pivot Point 7,584.21 We need to keep an eye on it as the closing Doji or Spinning Top candle below 10,000 level can bring bearish retracement until 8,900 and 8,600. That's the same level where bearish trendline got violated, and that may extend support to the BTC/USD in the short run. On the upper side, 10,350 and 10,750 remain strong resistance. The EUR/USD was closed at 1.10794 after placing a high of 1.11228 and low of 1.10729. Overall the trend of EUR/USD remained Bearish that day. At 11:00 GMT, the German Gfk Consumer climate declined to 9.6 against the expectations if 9.8 and weighed on single currency Euro. However, at 13:00 GMT, the German Ifo Business Climate came more than expected for this month as 94.6 against 94.5 expectations. The mixed macroeconomic data from Eurozone made it difficult for EUR/USD to set a direction. The pair gave gains in early sessions on Friday but failed to move in the same direction later because of weakness in US dollars. The dollar remained weak due to the possibility of the third rate cut by the Fed this month. In addition to the downward movement of EUR/USD, the possibility of a recession affecting the German Economy is still likey, adding downward pressure to Euro currency. On Monday, the German Import Prices, Money Supply, and Private Loans will be released and further decide the movement of this pair. Support Resistance 1.1112 1.1146 1.1092 1.116 1.1058 1.1195 Pivot Point 1.1126 The EUR/USD has violated the 1.1100 support level, and now it's holding right above the bullish trendline, which is extending support at the 1.1065 area. At the same time, the 50 periods EMA is also extending support around 1.1065 zone, which also marks 38.2% Fibonacci retracement level. On the upper side, the immediate resistance stays at 1.1092/1.1100; hence, the EUR/USD may remain bearish and bullish above these levels. The GBP/USD was closed at 1.28309 after placing a high of 1.28629 and a low of 1.28039. Overall it showed a Bearish trend for that day. British Pound continued to drift a little during the trading session on Friday. This is the market that has been overbought and is still showing a Bullish capability. On Friday, the Pound showed a drop because of the confusion prevailing in the market about the departure of the United Kingdom from the European Union. Whether the UK will leave next week from the EU or not is a big question in the market. The confusion is raised because of no-progress from both sides this week. PM Boris Johnson wants to leave on the said deadline of 31st October but has failed to achieve it due to the UK Parliament rejection over his provided timetable, which was very short for reviewing the proposed agreement of Brexit by Johnson. However, Parliament did accept the agreement itself but rejected the given time to process the Brexit deal in 3 days. Johnson has asked the EU for a grant of extension, and the EU is postponing its decision, which has put more pressure on Pound due to increased confusion. Because in case the EU grant the extension, the PM Boris Johnson has said that he would call for general elections. So the decision is somehow dependant on the EU. Though the Pound dropped at the ending days of the week on Friday, it showed a soft downward trend as compared to the Thursday’s drop. Support Resistance 1.2863 1.2943 1.2813 1.2974 1.2732 1.3054 Pivot Point 1.2893 The GBP/USD currency pair entered into the overbought zone, with the RSI value crossing above 80 levels. Consequently, we observed bearish correction in the Cable from 1.3035 to 1.28175, the 23.6% Fibonacci retracement level. Today, 1.2832 remains the fundamental trading level as below this; the GBP/USD pair can continue to trade lower until 1.2750. Alternatively, the bullish breakout of 1.2835 can lead the Cable towards 1.2920. All the best for today.
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Daily F.X. Analysis, October 25 – Top Trade Setups In Forex - German IFO Business Climate Up Next! 

  A day before, the ECB Statement, which was released at 16:45 GMT, mentioned that European Central Bank voted to maintain its interest rates unchanged in October Meeting. It was as expected because the bank would hold rates at present or lower levels until near Inflation Goal. Bank would continue to purchase bonds for as long as needed and would only stop the bond purchases shortly before the raising of rates. ECB would reinvest the Quantitative Easing debt for an extended period after the 1st rate hike. It also confirmed the beginning of 20Billion Euro worth Bond purchases at the starting of November. Now investors eye German IFO Business Climate figures during the European session.   Bitcoin lately slipped beneath a long-term consolidation pattern to indicate that a downtrend is in process, and has just dropped beneath a short-term bearish correction formation. Facebook Inc CEO Mark Zuckerberg admitted on Wednesday that the company’s proposed digital currency Libra was a “risky project.” He merely tried to convince skeptical U.S. legislators that it could reduce the cost of electronic payments and extend the global financial system to more people. The value of BTC/USD, the world’s best-known virtual currency, plunged over 7% on Wednesday to $7,412. This is the lowest level since May mid. It was not instantly apparent why the price, which began its slide around 13:40 GMT, had dropped so sharply. Bitcoin’s price on the Luxembourg-based Bitstamp exchange was last down at $7,474. Support Resistance 7,156.7 7,864.28 6,876.63 8,291.79 6,169.05 8,999.37 Pivot Point 7,584.21 The BTC/USD hasn't changed a lot since yesterday. Yesterday, the violation of the triple bottom support level of 7750 triggered a massive drop in the BTC/USD. The daily candle has closed below the 7750 areas, which has opened further room for selling in the BTC/USD. At the moment, the BTC/USD is trading at 7430 levels, and we may expect a slight bullish retracement until 7550 before noting further sell-off until 7200. Further, the violation of 7200 can lead the BTC/USD prices towards the $6850 area. We need to keep an eye 7520 - 7350 as the breakout of this range will help us determine further trends. The EUR/USD was opened at 1.11296 and has placed a high of 1.11626 and low of 1.10930 since then. The overall movement for pair remained Bearish throughout the day, and the pair is currently trading at 1.11025. At 12:00 GMT, the Spanish Unemployment Rate came as 13.9% against the expectations of 13.8%. At 12:15 GMT, the French Flash Services PMI showed a growth of 52.9 in comparison to the previous month’s 51.1. The French Flash Manufacturing PMI also showed growth to 50.5 against the expectations of 50.0. However, the German Flash Services PMI at 13:00 GMT showed a decline to 51.2 for the month of September from 51.4 of August. And the German Flash Manufacturing PMI also dropped to 41.9 from the expectations of 42.0. The Flash Manufacturing PMI for bloc also dropped for the month of September to 45.7 against the expectations of 46.1. The Flash Services PMI of bloc fell a little to 51.8 from expectations of 51.9. After the release of French PMI, the EUR/USD showed a sudden jump on Thursday and continued to move in the corresponding trend until the release of German PMI. The weaker than expected German PMI weighed on Euro and pulled back the gains of EUR/USD. The lower than expected PMI for the whole bloc of Europe added in the downward trend of EUR/USD and kept the movement of pair in Bearish trend on Thursday. The investors decided not to react on ECB Statement before Draghi’s press conference. The last appearance of European Central Bank Governor Mario Draghi at the ECB Conference was awaited in the market on Thursday. Christine Lagarde is replacing Mario Draghi as the Governor of the European Central Bank. At 17:30, Mario Draghi, in his speech, warned that slowing global growth and Brexit uncertainties pose a risk in the eurozone economic growth and said that Germany was on the brink of recession. He further said that Import tariffs from the US had reduced the confidence of business as well as consumers. He also noted that the incoming data confirmed our previous assessment of prolonged weakness in eurozone growth, downside risk, and muted inflation pressure since the last Meeting. Support Resistance 1.1112 1.1146 1.1092 1.116 1.1058 1.1195 Pivot Point 1.1126 The EUR/USD tosses in profits and losses above 1.1100 area after forming a Doji pattern on the daily chart. On Thursday, the EUR/USD has closed a bearish engulfing candle, which typically drives the bearish trend in the market. For now, all eyes stay on 1.1100 area as the violation of this level can extend sell-off until 1.1060. In case, the EUR/USD also violates 1.1060; the next support will be found at 1.1028. The GBP/USD was opened at 1.29085 and has placed a high of 1.29494 and a low of 1.27881 since then. The overall movement for pair remained Bearish throughout the day, and the pair is currently trading at 1.28487. The Brexit drama continues and is showing no signs of ending anytime soon. Earlier this week, lawmakers rejected the bill presented by the government with a tight schedule to pass Brexit Deal by October 31st, the date which was set by the UK to leave the European Union. The bold UK Prime Minister, Boris Johnson, pulled the Brexit bill and said that he would call for General Elections, but for that, he would need the majority of parliament by his side. European Union has granted the demanded three months extension for Brexit, and the final decision would be taken by the court of the UK Government now. There is still a possibility for a no-deal Brexit, and if Traders see no sign of deal settlement within the time, then Pound would see a sudden fall and would weigh on GBP/USD. On the economic data front, the high street lending from the United Kingdom was released at 13:30 GMT as 42.3K against the expectations of 42.2K from the United States, the Manufacturing and services PMI were released at 18:45 GMT. Manufacturing PMI showed growth to 51.5, and services PMI came in as expected 51.0 for the month of September. Strong US Dollar due to stable macroeconomic release on Thursday added in the downward trend of GBP. Support Resistance 1.2863 1.2943 1.2813 1.2974 1.2732 1.3054 Pivot Point 1.2893 Yesterday, the GBP/USD failed to break above 1.2925 level, and below this, it was expected to trade bearish until 1.2860. The pair actually Dropped even below this level to 1.2789 level. At the moment, the same level is working as a support. Closing of 4-hour candle is half bullish and half bearish, suggesting neutral bias among traders. Today, closing below 1.2830 can extend sell-off until 1.2790. Alternatively, a closing of above 1.2860 can drive the buying trend until 1.2890. All the best for today.
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Daily F.X. Analysis, October 24 – Top Trade Setups In Forex - ECB Rate Decision Up Next

The Sterling and single currency Euro both gained momentum against the U.S. dollar on Wednesday as European Union administrators postponed a verdict on whether to grant Britain a three-month Brexit extension. UK’s PM Boris Johnson presented a proposal to rush the timeline to pass legislation for an orderly Brexit on Tuesday. But the deadline got rejected through voting in UK Parliament, which means that the Brexit process would not be completed in time for UK exiting EU on 31st October. German 10-year Bond yields at 14:34 GMT, dropped to weekly lows near -0.42% and weighed on the single currency – Euro and caused a drop in EUR/USD in early trade session on Wednesday. At 18:15 GMT, the Consumer Confidence from Eurozone came in as -8 for the month of September against -7 expectations. The decline in confidence of consumers also weighed on EUR/USD on Wednesday.     Facebook Inc CEO Mark Zuckerberg admitted on Wednesday that the company’s proposed digital currency Libra was a “risky project.” He merely tried to convince skeptical U.S. legislators that it could reduce the cost of electronic payments and extend the global financial system to more people. The value of BTC/USD, the world’s best-known virtual currency, plunged over 7% on Wednesday to $7,412. This is the lowest level since May mid. It was not instantly apparent why the price, which began its slide around 13:40 GMT, had dropped so sharply. Bitcoin’s price on the Luxembourg-based Bitstamp exchange was last down at $7,474. Support Resistance 7,156.7 7,864.28 6,876.63 8,291.79 6,169.05 8,999.37 Pivot Point 7,584.21 The violation of the triple bottom support level of 7750 triggered a massive drop in the BTC/USD. Recently, the daily candle has closed below the $7750 area, which has opened further room for selling in the BTC/USD. At the moment, the leading crypto pair trading at 7430 levels and we may expect a slight bullish retrace until 7550 before noting further sell-off until 7200. Further, the violation of 7200 can lead the BTC/USD prices towards the $6850 area. The EUR/USD was opened at 1.11242 and has placed a high of 1.11394 and low of 1.11061 until now. The pair is currently trading at 1.11331 as of writing and has shown a Bullish trend for the day. On Wednesday, initially, Euro dipped during the trading session but managed to move in the opposite direction after touching the 1.1100 neighborhoods. At this point, the market looks very noisy and seems to continue its movement in the upper trend. The movement of Euro has been derived by the headlines of Brexit and UK politics lately. The PM Boris Johnson said that if the European Union accepts the extension for Brexit from the end of October to the end of January 2020, he would call for early elections. On the economic data front, the German 10-year Bond yields at 14:34 GMT, dropped to weekly lows near -0.42% and weighed on the single currency – Euro and caused a drop in EUR/USD in early trade session on Wednesday. At 18:15 GMT, the Consumer Confidence from Eurozone came in as -8 for the month of September against -7 expectations. The decline in confidence of consumers also weighed on EUR/USD on Wednesday. However, the Euro Traders will be focusing on various ECB events on Thursday, like ECB Conference, the release of France, Germany, and bloc’s PMIs. Support Resistance 1.1112 1.1146 1.1092 1.116 1.1058 1.1195 Pivot Point 1.1126 The EUR/USD seems to have formed a bullish flag, which was extending support at 1.1140 along with resistance at 1.1135. Typically, the bullish flag patterns get violated on the upper side, and it may lead the EUR/USD pair towards 1.1170 with a bullish bias today. The GBP/USD was opened at 1.28692 and has placed a high of 1.29202 and a low of 1.28410 until now. The pair is currently trading at 1.29195 as of writing and has shown a Bullish trend for the day. UK’s PM Boris Johnson presented a proposal to rush the timeline to pass legislation for an orderly Brexit on Tuesday. But the deadline got rejected through voting in UK Parliament, which means that the Brexit process would not be completed in time for UK exiting EU on 31st October. UK Parliament voted in favor of Brexit deal in the first session of voting. Still, in the second session of voting, it rejected the demanded timeline of processing the Brexit deal, which is almost 115 pages. Parliament said that to thoroughly examine the Brexit agreement, the mentioned time of 3 days was not enough, and that is why it was rejected. With the Brexit deadline ahead a few days, Johnson has decided not to put any efforts on the bill until the European Union responds to the letter of extension. Johnson was so eager to leave the UK on 31st October that he promised so much, but his move for suspending the process seems to be contradictory. It looks like he wants the EU to be responsible for deciding. The EU has now two options left; one is to grant the demanded extension of 31st January and second to push for a technical expansion by giving a short period to allow parliament to examine the deal. However, Johnson said that if the EU grants an extension to 31st January, then he will push for general elections, which could result in the creation of all sorts of uncertainties. But on Wednesday, Pound gained on expectations of Brexit delay and Weak US Dollar due to less than expected House Price Index from the United States for September. Support Resistance 1.2863 1.2943 1.2813 1.2974 1.2732 1.3054 Pivot Point 1.2893 After the violation of a bullish channel, the GBP/USD is likely to follow a current trading range of 1.2990 - 1.2844. The RSI is mostly neutral as the GBP/USD is expected to develop the above-mentioned trading range. On the way to upside, the GBP/USD may also face resistance at 1.2925, and failed to break above this level may trigger sell-off in the GBP/USD until 1.2860. Conversely, the GBP/USD can extend buying above 1.2930 until 1.2960. All the best for today.
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Daily F.X. Analysis, October 23 – Top Trade Setups In Forex - Parliament Brexit Vote Rejected! 

The U.S. dollar gains bullish momentum on the rejection of Brexit Deal via Parliament Vote. In voting, the government deal for Brexit was approved, but the schedule was rejected. In response to which PM Boris Johnson said that the first consequence of this action by legislation would be No-Deal Brexit. After the threats of no-deal Brexit from PM Boris Johnson, Donald Tusk, the President of the European Council, said that E.U. was considering granting an extension to the U.K. after the letter from Johnson was received. Johnson then claimed that he would pause the legislation and go for a No-Deal Brexit on the said deadline of October 31. Let's see how Boris Johnson plays now. Economic Calendar The leading cryptocurrency, Bitcoin, fell sharply below 8,000 level after the total crypto market cap declined to escalate beyond the $220.0B resistance and sank lately. The BTC/USD price plunged over 3%, and it is presently trading beneath the $8,000 support zone. Alongside, the Litecoin (LTC) price is dropping nearly 4%, and it is advancing to the $52.00 support level. The Trump government began to discourage the bitcoin bubble of 2017 by supporting the initiation of futures products, a retired executive announced on Monday. With this, the threats of the bitcoin bubble burst loom around the corner, and consequently, we noticed sell-off from a certain amount of traders. Support Resistance 7,822.83 8,079.36 7,694.36 8,207.42 7,437.83 8,463.95 Pivot Point 7,950.89 The BTC/USD has violated the 8120 marks, the level which was extending solid support to the BTC/USD. The Bitcoin has also filled the weekend gap, and now it's trading at 7977. The immediate support prevails at 7885 levels. The violation of 8120 opens further room for selling until a strong level of 7750. The EUR/USD opened at 1.11487 and has placed a high of 1.11568 and low of 1.11176 until now. EUR/USD is trading at 1.11253 as of writing and has shown a Bearish trend for Tuesday. The EUR/USD hit fresh daily low points in response to the rejection of Boris Johnson's timetable by the U.K. Parliament after the second vote on Tuesday. In voting, the government deal for Brexit was approved, but the schedule was rejected. In response to which PM Boris Johnson said that the first consequence of this action by legislation would be No-Deal Brexit. After the threats of no-deal Brexit from PM Boris Johnson, Donald Tusk, the President of the European Council, said that E.U. was considering granting an extension to the U.K. after the letter from Johnson was received. He also noted that no-deal Brexit would never be a decision of the E.U. In response to this comment from Tusk, European Commission President Jean Claude Juncker moaned that Brexit had been a waste of time and energy throughout his tenure. He said that in his five years of office, the U.K. had been dominant discussion, and the process has caused him pain because, in that time, he could have focused on making the lives of citizens better instead of dealing with this waste of time - Brexit. Due to a lack of macroeconomic releases from the European side, the movement of this pair was left with the Brexit news on Tuesday. Support Resistance 1.1133 1.1174 1.1116 1.1197 1.1075 1.1238 Pivot Point 1.1156 The EUR/USD is now facing double bottom support at 1.1115 with along with resistance at 1.1140. Failure of the violation of the 1.1115 level can drive buying in the EUR/USD. Below 1.1115, the EUR/USD will have further selling bias until the 1.1085 area. Whereas, we can expect EUR/USD to go after 1.1160 above 1.1115. The GBP/USD opened at 1.29581 and has placed a high of 1.30006 and low of 1.28618 until now. GBP/USD is trading at 1.28817 as of writing and has shown a Bearish trend for Tuesday. The hopes of U.K. Prime Minister Boris Johnson of getting his Brexit deal fast-tracked through the U.K. Parliament were blown after the defeat of the government's timetable for Brexit in a voting session on Tuesday although the government won the first reading of votes on the deal legislation to progress. The first reading votes were in favor of Boris Johnson's proposed Brexit deal, and second reading votes were against the timetable given by Johnson to get the deal through House of Commons before the end of Thursday. After the rejection of the timetable by the U.K. Parliament, Johnson gave threats to abandon the bill even if E.U. granted an extension and said he would instead push for the general election. U.K. legislators argued that three days were not enough to examine the deal. Johnson then claimed that he would pause the legislation and go for a No-Deal Brexit on the said deadline of October 31. The rejection of the timetable of Johnson made it almost impossible for the U.K. to leave on the said deadline; hence, GBP/USD dropped immediately by 0.5% on Tuesday. On the macroeconomic data front, the Public Sector Net Borrowing for September from the United Kingdom came in as 8.7B at 13:30 GMT. And the CBI Industrial Order Expectations fell to -37 against the expectations of -25 at 15:00 GMT and weighed on Pound. The weak macroeconomic data from the United Kingdom added in the downward trend of GBP/USD on Tuesday. Support Resistance 1.2897 1.3021 1.283 1.3079 1.2705 1.3204 Pivot Point 1.2955 On the 4 hour timeframe, the GBP/USD has formed a bearish engulfing pattern, which is suggesting solid chances of bearish trend continuation. The Cable has come out of the bullish channel, which was extending support at 1.2930. For now, the candles have closed outside of the bullish channel, and it's suggesting odds of the further bearish trend in the GBP/USD. On the lower side, the immediate support stays at 1.2795, while resistance stays at 1.2925. All the best for today.
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Daily F.X. Analysis, October 22 – Top Trade Setups In Forex - Canadian Elections, Justin Trudeau Wins! 

Justin Trudeau was on track to get a second session as Canada's prime minister in an election viewed as a vote on the Liberal leader and his four-year-old government following a string of scandals. After the closing of voting polls, Canadian broadcasters announced a Liberal minority government, which implies Trudeau will operate with other parties to rule. The notable progress of Brexit and the US-China trade deal has decreased uncertainty from the market and supported Euro against the US Dollar last week. The pair showed remarkable growth in the previous week, but it moved in a downward trend at the beginning day of this week. Bitcoin has soared over the $8,000 price mark during the Asian session despite showing symptoms of recovery in previous hours. The world’s biggest cryptocurrency place an intraday low of $7,950, before making its way to its current trading price of around $8,216. BTC is recording a surge of 3.73% in the past 24 hours. A couple of days ago, the 18th million BTC was mined, devising the world with just 3 million specimens to mine, which was sufficient cause for crypto-skeptic Peter Schiff to allege that Bitcoin’s fate “looks horrible” and that it is merely a subject of time for the most common cryptocurrency to undergo a “rapid drop down to $4,000 or lower!” Support Resistance 7,822.83 8,079.36 7,694.36 8,207.42 7,437.83 8,463.95 Pivot Point 7,950.89 The BTCUSD hasn't changed much from yesterday. The pair were facing solid resistance at 8120 levels, which have now been violated. For now, the same level is working as support. We may see continuation pf a bullish trend above this level. On the upper side, the resistance can be seen at 8400. The RSI and MACD are holding in the buy zone, suggesting chances of further buying in the BTCUSD. The EUR/USD closed at 1.11487 after placing a high of 1.11793 and low of 1.11387. Overall the trend remained Bearish that day. In recent weeks the Eurozone and German economic data have indicated a slowdown in economic growth and increased the possibility of Germany to fall into recession. But Euro has managed to keep up its demand in the market due to global news. The notable progress of Brexit and the US-China trade deal has decreased uncertainty from the market and supported Euro against the US Dollar last week. The pair showed remarkable growth in the previous week, but it moved in a downward trend at the beginning day of this week. On Monday, EUR/USD showed upward movement in the beginning session due to stable macroeconomic release from Europe. The German PPI Producer Price Index for September showed growth to 0.1% in comparison to the drop in August to -0.5%. This report decreased the possibility of a German recession and gave strength to the Euro. EUR/USD had dropped again on Monday when traders digested this report and continue to sell this pair in response to hopes for further rate cuts from Federal Reserve on 31 October. The US Federal Reserve meeting is due at the end of October, and traders think due to a slowdown in economic growth, the fed would cut its rates by 25 basis points that day. Investors will be looking towards it for the next move. Support Resistance 1.1133 1.1174 1.1116 1.1197 1.1075 1.1238 Pivot Point 1.1156 The EUR/USD has closed a sort of Doji pattern right after forming a bullish engulfing candle on the daily timeframe. It's suggesting weakness in the bullish bias among traders as the robust buying sentiment now seems to convert into neutral bias. Technically, the EUR/USD has strong support at 1.1140, along with resistance at 1.1175. The GBP/USD was closed at 1.29577 after placing a high of 1.30120 and a low of 1.28744. The overall movement was Bullish but remained up and down throughout the day. The British pound has been overbought, and more purchase seems to be difficult on a new week. So, GBP/USD fell in the beginning day of the new week session; however, any news from the UK or EU can make the uncertain movements. Sterling was also under pressure on Monday after the rejection of re-vote on the latest Brexit deal of PM Boris Johnson by the speaker of the House. The Brexit deal was defeated on Saturday after the majority of votes came in favor of the amendment for extension of Brexit by the UK Parliament. PM Boris Johnson is now frustrated by the continuous decline of the UK Parliament over his latest Brexit deal. He wants UK to leave the EU on the said deadline of 31st October and wants to avoid extension, so he has decided to bring out the request for another vote on his proposed deal by UK Parliament on Tuesday again. The Speaker of House has said that it is unnecessary to re-vote on the same issue in one parliament session. EU is waiting to see any progress in the UK Parliament to further decide about extension permission. GBP/USD surged but with a limited extent on Monday after four consecutive days of strong Bullish movement and maintained its upward trend for 5th day. Support Resistance 1.2897 1.3021 1.283 1.3079 1.2705 1.3204 Pivot Point 1.2955 Sterling continues to surge as the bullish channel continues to extend support at 1.2950, along with an immediate resistance at 1.3012. Most of the market focuses on the Brexit Parliamentary Vote, which is due later in the day. In case the Brexit deal fails to capture enough votes, we may see the selling trend in Sterling or vice versa. Sterling may go after the 1.3065 area in case of a bullish breakout of 1.3012. All the best for today.
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Daily F.X. Analysis, October 21 – Top Trade Setups In Forex - Welcome to Fresh Week! 

The financial markets continue to trade risk-off sentiment after the Brexit failed to pass the parliament vote. During the weekend, the Brexit remained in the limelight and would remain a significant driver of this pair movement at the start of this week. UK Parliament sat on Saturday and passed an amendment that required PM Boris Johnson to ask for 3rd extension for Brexit. Johnson was forced to write an extension letter to European Union after the majority of Parliament voted in favor of an amendment against his revised proposed Brexit deal.   Bitcoin has soared over the $8,000 price mark during the Asian session despite showing symptoms of recovery in previous hours. The world’s biggest cryptocurrency place an intraday low of $7,950, before making its way to its current trading price of around $8,216. BTC is recording a surge of 3.73% in the past 24 hours. A couple of days ago, the 18th million BTC was mined, devising the world with just 3 million specimens to mine, which was sufficient cause for crypto-skeptic Peter Schiff to allege that Bitcoin’s fate “looks horrible” and that it is merely a subject of time for the most common cryptocurrency to undergo a “rapid drop down to $4,000 or lower!” Support Resistance 7,822.83 8,079.36 7,694.36 8,207.42 7,437.83 8,463.95 Pivot Point 7,950.89 The BTCUSD has violated the sideways range during the weekend. The pair were facing substantial resistance at 8120 levels, which has now been violated. For now, the same level is likely to work as a support, and we may see continuation pf a bullish trend above this level. On the upper side, the resistance is at 8400. The RSI and MACD are holding in the buy zone, suggesting chances of further buying in the BTCUSD. EUR/USD was closed at 1.11689 after placing a high of 1.11702 and low of 1.11146. The overall trend for EUR/USD remained Bullish that day. At 13:00 GMT, the European Central Bank issued a Current Account figure for September as 26.6B against 21.3B of expectations and supported Euro. On Friday, EUR/USD reached the highest level since late August, the Supportive European macroeconomic data and weak US Dollar caused a jump in the prices of EUR/USD. The primary focus on Friday for most currency pairs was on Brexit Vote. The market reacted ahead of the UK parliament vote on Brexit and gave a robust Bullish trend to Euro currency. After the UK and EU reached on Brexit deal on Thursday, the pair EUR/USD showed an upward movement trend, and the same trend was followed on Friday. The pair could continue to move in upward direction if the ECB decided to look away from monetary policy easing. The quantitative easing in the previous meetings by ECB President Mario Draghi already has faced opposition, and there are chances that ECB holds its rates in the next meeting because of the decline in global threats after a partial trade deal agreement between US-China to end the prevailing trade war. Support Resistance 1.1133 1.1192 1.1094 1.1212 1.1035 1.1271 Pivot Point 1.1153 The EUR/USD has closed a bullish engulfing candle on the daily timeframe, which is suggesting strong bullish bias among traders. The bullish bias may lead the EUR/USD pair towards 1,1227 area soon. While the support stays at 1.1110. The GBP/USD was closed at 1.29695 after placing a high of 1.29727 and a low of 1.28892. The Overall trend for GBP/USD remained Bullish that day. Brexit remained the limelight last week and would remain a significant driver of this pair movement at the start of this week. UK Parliament sat on Saturday and passed an amendment that required PM Boris Johnson to ask for 3rd extension for Brexit. Johnson was forced to write an extension letter to European Union after the majority of Parliament voted in favor of an amendment against his revised proposed Brexit deal. Johnson, on Saturday, sends an unsigned letter requesting an extension from the European Union, followed by his signed letter saying that a delay would be a mistake and that he was not in favor of the expansion. It is now up to European Union to accept or reject his request for an extension. EU Council President Donald Tusks said that he has received the request for extension and would discuss it with EU Members to further respond. If the European Union rejects this request, then there would be pressure on the UK Parliament to accept the proposed deal of PM Boris Johnson. For now, the UK government would work to get its legislation through parliament on Monday so that it can seek a formal approval in time to exit from Europe on said deadline I,e October 31. GBP/USD is highly sensitive to Brexit Talks and would start its new week with the headline of the Brexit amendment asked on Saturday. Support Resistance 1.2876 1.3025 1.2784 1.3081 1.2635 1.3229 Pivot Point 1.2932 The GBP/USD is trading at 1.2900 area after testing 1.2975 over Brexit deal between the US and EU. But the Brexit deal couldn't pass the Parliament vote and got rejected. The Cable is now facing immediate resistance at 1.2920, along with a support level of 1.2850. Violation of this range may help us determine the next trend in the GBP/USD. All the best for today.
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Daily F.X. Analysis, October 18 – Top Trade Setups In Forex - U.K. & E.U. Agree on Brexit Deal! 

The European Union and the United Kingdom agreed on a proposed deal for Brexit on Thursday. However, Northern Ireland's Democratic Unionist Party announced in a statement that they would vote against the deal on Saturday. After this statement, the traders lost interest in British Pound, and the demand shifted towards the Euro. Hence, EUR/USD rose to 6 weeks high on Thursday. According to the new deal agreement, Northern Ireland would legally remain in the United Kingdom's customs territory. Which will allow Johnson to boast the country "whole & entire" had left the E.U. But Ireland would remain in a single market of European Union for goods, and E.U.'s customs code would be enforced on products coming from the U.K. into Northern Ireland.     Bitcoin is consistently getting weak, having lost nearly 2% on growing trading volumes yesterday. The leading cryptocurrency by market-rate dropped from $8,150 to $7,912 in the early U.S. trading hours on Wednesday before publishing a close at $7,996. The price slide strengthened the case for a retest of fresh lows near $7,750 put forward by Tuesday's bearish "outside bar" candle. The buyers need to push prices back over $8,300 immediately or risk allowing full market control to the sellers in the short term. Support Resistance 8,133.86 8,654.05 7,951.34 8,991.72 7,431.15 9,511.91 Pivot Point 8,471.53 The BTC/USD continues to trade in a narrow range of 8,125 - 7,770 as traders look for fundamental reasons to break these levels and determine future trends. Lately, the 8,115 level was working as a support, but now since BTCUSD is trading below this level, it may work as a resistance level. On the lower side, 7780/50 is a very very basic level; the bearish breakout of this can be dangerous for bulls. It can lead BTC towards 7000 and even 6670 levels. The EUR/USD was closed at 1.10710 after placing a high of 1.10854 and a low of 1.10225. The overall trend for Prices of EUR/USD remained Bullish that day. At 14:00 GMT, the Final CPI from European Union showed a drop to 0.8% against 0.9% expectations and weighed on Euro. However, the Final Core CPI remained flat as expected 1.0% and supported Euro. At 14:33 GMT, the European Trade Balance showed growth to 20.3B against 18.6B expectations and supported the single currency Euro on Wednesday. The macroeconomic data from the European Union side supported the single currency Euro and made an upward trend for prices of EUR/USD in the financial market on Wednesday. The escalating tension in US-China trade talks and U.S. interference in Hong Kong also added in the upward trend of EUR/USD and helped in placing a high of 1.10854 that day. The very poor Retail Sales data from the American side also helped this pair to continue its Bullish trend for that day. At 17:30, the Core Retail Sales from the U.S. came in negative as -0.1% against 0.2% expectations. The same went for Retail Sales, which came in as -0.3% against 0.3% expectations. The weak U.S. Dollar due to increased hopes of the third rate cut by Federal reserve and Strong Euro gave jump to EUR/USD prices to a one month high. Support Resistance 1.1005 1.1067 1.0972 1.1096 1.091 1.1158 Pivot Point 1.1034 Bullish trend remains dominant in the EURUSD, especially on the daily timeframe. The EURUSD has violated the bearish trendline at 1.1010 level along with a horizontal resistance level of 1.1075. For now, the 1.1075 is likely to support the pair, while the closing od bullish engulfing on the daily timeframe is suggesting chances of further buying in the EUR/USD. On the upper side, 1.1150 remains the target. The GBP/USD was closed at 1.28291 after placing a high of 1.28775 and a low of 1.26566. The overall trend for Prices of GBP/USD remained Bullish that day. European Union gave the task to PM Boris Johnson of getting support from the Democratic Union Party of Ireland on Tuesday to secure a Brexit Deal before E.U. Summit, which is due on Thursday. In the U.K. session on Wednesday, there were reports that two E.U. senior sources said that the Democratic Unionist Party (DUP) has accepted the latest proposal on consent and removed the main hurdle of Brexit Deal. The party expressed its concerns about the E.U. and U.K. Brexit deal. The problematic issues were the custom borders of the Irish Sea and the mechanism for democratic consent for citizens of Northern Ireland. After this report was published, GBP/USD showed a sudden jump amid the increased hopes for orderly Brexit. But in a later session, the DUP leader reported this news as false and dismissed the statement. Sterling dropped but did not give all gains back and continued to move in Bullish Trend as the Brexit talks were in progress. In late Wednesday, it was announced that Eu and U.K. would not declare a deal on Brexit that day. But some changes could be published in this week because the latest negotiations were unclear. On the macroeconomic front, the Consumer Price Index from the United Kingdom was released at 13:30 GMT, as 1.7% against 1.8% expectations. The PPI Input came as -0.8% against an expected 0.2%. The RPI came as 2.4% against expected2.7%. All of these were not in support of GBP. However, the Housing Price Index of the U.K. Government came in favor of Pound as 1.3% against 0.9% expectations. Support Resistance 1.2469 1.2768 1.2289 1.2887 1.199 1.3185 Pivot Point 1.2588 The GBP/USD is testing 1.2975 over the Brexit deal between the U.S. and EAU. Thursday's candle is showing long shadows, which is signifying that bulls are exhausted, and sellers may be looming around the corner. Below 1.2975, the GBP/USD may go for retracement until 1.2765 and 1.2670 in the coming days. All the best for today.
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Daily F.X. Analysis, October 17 – Top Trade Setups In Forex - U.K. & U.S. Fundamentals Ahead! 

The risk sentiment turned on after the series of positive news coming from the Brexit and Chian. Which eventually added bearish pressure on the safe-haven asset gold. European Union gave the task to PM Boris Johnson of getting support from the Democratic Union Party of Ireland on Tuesday to secure a Brexit Deal before E.U. Summit, which is due on Thursday. The dollar gained bullish momentum after the Eurozone's Final CPI from European Union showed a drop to 0.8% against 0.9% expectations and weighed on Euro. However, the Final Core CPI remained flat as expected 1.0% and supported Euro. At 14:33 GMT, the European Trade Balance showed growth to 20.3B against 18.6B expectations and supported the single currency Euro on Wednesday.   Securities and Exchange Commission (SEC) of the United States is frequently demanding comments on a proposed exchange-traded fund (ETF) based nearby bitcoin and Treasury bonds. BTC/USD experienced a massively bearish Wednesday, wherein its rate dropped from $8,158 to $7,994, moving under the $8,000-level in the process. So far now, the price has dropped more to $7,975. The hourly analysis reveals to us that BTC/USD was trending horizontally ere it fell from $8,151.38 to $7,984 in merely in 2 hours. Support Resistance 8,133.86 8,654.05 7,951.34 8,991.72 7,431.15 9,511.91 Pivot Point 8,471.53 Bitcoin has come out of its tight trading range of 8,115 - 8,340. The BTC/USD broke on the lower side, and now it has opened its way towards the 7780 support zone. The new support level of 8,115 is now likely to work as a resistance level. Since 7780/50 is a very very crucial level, the bearish breakout of this can be dangerous for bulls. It can lead BTC towards 7000 and even 6670 levels. The EUR/USD was closed at 1.10710 after placing a high of 1.10854 and a low of 1.10225. The overall trend for Prices of EUR/USD remained Bullish that day. At 14:00 GMT, the Final CPI from European Union showed a drop to 0.8% against 0.9% expectations and weighed on Euro. However, the Final Core CPI remained flat as expected 1.0% and supported Euro. At 14:33 GMT, the European Trade Balance showed growth to 20.3B against 18.6B expectations and supported the single currency Euro on Wednesday. The macroeconomic data from the European Union side supported the single currency Euro and made an upward trend for prices of EUR/USD in the financial market on Wednesday. The escalating tension in US-China trade talks and U.S. interference in Hong Kong also added in the upward trend of EUR/USD and helped in placing a high of 1.10854 that day. The very poor Retail Sales data from the American side also helped this pair to continue its Bullish trend for that day. At 17:30, the Core Retail Sales from the U.S. came in negative as -0.1% against 0.2% expectations. The same went for Retail Sales, which came in as -0.3% against 0.3% expectations. The weak U.S. Dollar due to increased hopes of the third rate cut by Federal reserve and Strong Euro gave jump to EUR/USD prices to a one month high. Support Resistance 1.1005 1.1067 1.0972 1.1096 1.091 1.1158 Pivot Point 1.1034 On the 4 hour chart, the EUR/USD has completed a descending triangle model, which is helping the Euro at 1.0999 with resistance at 1.1045. The bullish bias appears to redirect now as investors are in a state of uncertainty. Break beneath 1.0999 level can continue sell-off until 1.0975. The GBP/USD was closed at 1.28291 after placing a high of 1.28775 and a low of 1.26566. The overall trend for Prices of GBP/USD remained Bullish that day. European Union gave the task to PM Boris Johnson of getting support from the Democratic Union Party of Ireland on Tuesday to secure a Brexit Deal before E.U. Summit, which is due on Thursday. In the U.K. session on Wednesday, there were reports that two E.U. senior sources said that the Democratic Unionist Party (DUP) has accepted the latest proposal on consent and removed the main hurdle of Brexit Deal. The party expressed its concerns about the E.U. and U.K. Brexit deal. The problematic issues were the custom borders of the Irish Sea and the mechanism for democratic consent for citizens of Northern Ireland. After this report was published, GBP/USD showed a sudden jump amid the increased hopes for orderly Brexit. But in a later session, the DUP leader reported this news as false and dismissed the statement. Sterling dropped but did not give all gains back and continued to move in Bullish Trend as the Brexit talks were in progress. In late Wednesday, it was announced that Eu and U.K. would not declare a deal on Brexit that day. But there are chances that could be published in this week because the latest negotiations were unclear. On the macroeconomic front, the Consumer Price Index from the United Kingdom was released at 13:30 GMT, as 1.7% against 1.8% expectations. The PPI Input came as -0.8% against an expected 0.2%. The RPI came as 2.4% against expected2.7%. All of these were not in support of GBP. However, the Housing Price Index of the U.K. Government came in favor of Pound as 1.3% against 0.9% expectations. Support Resistance 1.2469 1.2768 1.2289 1.2887 1.199 1.3185 Pivot Point 1.2588 Sterling is testing the strong resistance level of 1.286, and the GBP/USD has closed a less bullish candle on the daily timeframe. It's signifying that the buyers/bullish sentiment is getting weaker or bulls need another solid reason to get in the market. We can expect correction below 1.2860 level, and the GBP/USD can stay bearish until 1.2754 and 1.2736 areas. All the best for today.
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Daily F.X. Analysis, October 16 – Top Trade Setups In Forex - U.K. & U.S. Events In Focus! 

Global markets are expecting movements on the release of retail sales and inflation figures from the U.S. and U.K. The major highlight of the day was the British pound which soared to its highest level since mid-May versus the dollar, following a statement that administrators were confined to a deal for Britain to withdrawal the European Union. Sterling spiked after the report from Bloomberg about the Brexit deal on Tuesday. It was reported that the United Kingdom and the European Union have agreed on a legal draft of Brexit deal after the meeting of both parties.     Securities and Exchange Commission (SEC) of the United States is repeatedly requesting remarks on a suggested exchange-traded fund (ETF) based nearby bitcoin and Treasury bonds. Technically, Bitcoin is facing key resistance at $8,739. At the time of writing, bitcoin is exchanging hands at $8,310, drawing a 0.1% loss on Wednesday. It's also worth marking that moving average crossovers are depending on past prices, and these tend to lag the price action. So we can't depend on these lagging indicators. Anyways, the Bitcoin continues to trade within a tight trading range of 8,115 - 8,340 for another day. We need a breakout to determine further trends. Support Resistance 8,133.86 8,654.05 7,951.34 8,991.72 7,431.15 9,511.91 Pivot Point 8,471.53 The BTC/USD may gain support above 8,115 levels with a resistance of 8,340 levels. On the hourly timeframe, bullish trendline supporting the BTC/USD above 8,115 level. Today, a bullish breakout of 8,340 resistance can lead the BTC/USD prices towards 8,500 level. While bearish breakout can lead Bitcoin towards 7,724. EUR/USD was opened at 1.10252 and has placed a high of 1.10460 and a low of 1.09912 until now. The pair is currently trading at 1.10339 and has shown a Bullish trend. At 11:45 GMT, the French Final Consumer Price Index (CPI) for September came as expected -0.3%. The German ZEW Economic Sentiment at 14:00 GMT came as -22.8 against -27.0 expectations. The ZEW Economic sentiment for Europe came as -23.5 against -26.7 expected. EUR/USD showed a sudden drop in the beginning trade session on Tuesday before the release of French Final CPI, but after the report was published, the pair started to gain its losses and moved in an upward trend. The release of European & German ZEW economic Sentiment came higher than expectations and supported the upward trend of EUR/USD. Positive comments from E.U. officials relating to the Brexit deal also gave an uprise in the 10-year German Treasury Bond Yield and supported the upward trend of EUR/USD further to place a high of 1.10460. Support Resistance 1.1005 1.1067 1.0972 1.1096 1.091 1.1158 Pivot Point 1.1034 On the 4 hour chart, the EUR/USD has formed a descending triangle pattern, which is supporting the Euro at 1.0999 along with resistance at 1.1045. The bullish trend seems to divert now as investors are in the phase of indecision. Break below 1.0999 level can extend sell-off until 1.0975. The GBP/USD was opened at 1.26063 and has placed a high of 1.27989 and a low of 1.25984 until now. The pair is currently trading at 1.27857 and has shown a robust Bullish trend. Sterling spiked after the report from Bloomberg about the Brexit deal on Tuesday. It was reported that the United Kingdom and the European Union have agreed on a legal draft of Brexit deal after the meeting of both parties. Earlier this news, the E.U.'s top negotiator, named Michel Barnier, said that some possibilities deal could be secured at the end of Summit - which is due this week. This news gave hopes to an orderly Brexit on the stated deadline, October 31, and caused a sharp rise in the prices of GBP/USD. There were also rumors about an emergency Summit to be held on the said Brexit deadline only hours before the ending of the U.K.'s membership of the European Union, which is scheduled on October 31. Such a summit could only take place when there would be reasonable chances for a deal. The draft deal is now dependent on PM Boris Johnson getting support from the Northern Irish Democratic Unionist Party, which is still uncertain. Both parties are optimistic that the end would make an agreement of Tuesday because E.U. officials have demanded the details of Brexit deal within hours rather than days ahead E.U. Summit, which is to be held on Thursday. Apart from Brexit news, the macroeconomic data from the United Kingdom was not supportive of Sterling, but due to Brexit sensitivity, the traders almost ignored the macroeconomic sentiment on Tuesday. At 13:30 GMT, the Average earnings Index of the U.K. came in against Sterling as 3.8% in comparison of expected 4.0%. The same was with the Unemployment Rate, which came as 3.9% against 3.8% expectations. However, the Claimant Count Change came in as expected 21.1K and had no effect on GBP. Support Resistance 1.2469 1.2768 1.2289 1.2887 1.199 1.3185 Pivot Point 1.2588 The GBPUSD is testing the triple top resistance level of 1.2788, and a strong bullish candle on the daily timeframe is signifying odds of the further bullish trend. The pair may show a slight correction until 1.2680 level before exhibiting further buying in the GBPUSD. A bullish breakout of 1.2788 can extend buying until 1.2835. All the best for today.
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Daily F.X. Analysis, October 15 – Top Trade Setups In Forex - BOE Gov Carney Speaks! 

On Tuesday, the dollar floated under 2-1/2-month highs versus the safe-haven currency Japanese yen The greenback failed to extend fresh gains as confidence over trade agreements between the world's two largest nations and for a definite British departure from the European Union started to decline. The U.S. dollar also traded slightly bearish after the Eurozone's Industrial Production for the month of September at 14:00 showed growth and supported Euro by releasing at 0.4% against 0.3% expectations. Today, investors will be looking to trade the BOE Gov Mark Carney Speech later in the day.   The BTC/USD bulls seemed as if they were carrying invasion during the previous week as BTC/USD grew by above $1,000, albeit instantly. Bitcoin surged during the week from a low point of $7,760 placed on October 7 to above $8,800, where it declined to nearby the 200 Day Moving Average (MA) on October 11. Following this, 50% of the weekly earnings were dried out in a matter of minutes as it dropped back below to the $8,300 range. As Bitcoin price tries another return, could we begin to notice altcoins recovering impulse? Let's discuss the technical side of the market, as the BTC/USD traded mostly in narrow ranges due to holidays in the U.S.m, Japan, and Canada. Support Resistance 8,133.86 8,654.05 7,951.34 8,991.72 7,431.15 9,511.91 Pivot Point 8,471.53 Bitcoin trades inline with our previous forecast, as it continues to trade within a narrow range of 8,115 - 8,340. The BTC/USD may gain support above 8,115 levels with a resistance of 8,340 levels. On the hourly timeframe, bullish trendline supporting the BTC/USD above 8,115 level. Today, a bullish breakout of 8,340 resistance can lead the BTC/USD prices towards 8,500 level. EUR/USD opened at 1.10314 and has placed a high of 1.10427 and a low of 1.10126. It is currently trading at 1.10299. At 11:00 GMT, the German Wholesale Price Index (WPI) came in as -0.4% against -0.2% expectations and weighed on Euro. The Industrial Production for the month of September at 14:00 showed growth and supported Euro by coming in as 0.4% against 0.3% expectations. The EUR/USD has been moved up and down throughout the day and has shown no specific movement. The pair after the release of the German Wholesale Price Index showed a downward movement to place a low of 1.10126. The report enhanced the chances of the German economy to fall into recession and gave a downfall to the prices of EUR/USD in the beginning session of the day. But after the release of Industrial Production of Eurozone, the pair EUR/USD recovered its losses and has return to from where it started its day. Apart from macroeconomic data, the pair also saw a downward movement caused by the uncertainty that emerged after the Chinese demand for more talk sessions by the end of October came on board. This news faded away from the optimism created on Friday after the comment of Trump over the Phase-one deal. However, the pair EUR/USD has not shown any significant moves on Monday, and the trend is unclear for that day as of writing. Support Resistance 1.0932 1.0988 1.0909 1.102 1.0854 1.1075 Pivot Point 1.0964 The technical side of the EUR/USD hasn't changed much due to a lack of liquidity and trading volume on Monday. Most of the banks remained closed in the observance of Thanksgiving Day. The EUR/USD is still trading the higher's high and higher's low pattern on the hourly timeframe. The trend seems bullish, and the bullish trend line is supporting the pair around 1.1020 today. Above this, the EUR/USD may continue with its bullish trend until 1.1050. Whereas, the violation of 1.1020 can lead the EUR/USD towards 1.0990 level. The GBP/USD opened at 1.26210 and has placed a high of 1.26495 and a low of 1.25158 until now. It is currently trading at 1.15776. Sterling dropped in the early session on Monday after the traders realized the Brexit reality. On Friday, GBP/USD gained dramatically when PM Boris Johnson and his Ireland counterpart shared positive comments about the Brexit deal. But on Sunday, both the European Union and Britain parties gave comments that there was much effort required to be made to secure a Brexit deal before the E.U. Summit. Traders on Monday showed a response to this news by selling GBP/USD. The United Kingdom is due to depart the E.U. on October 31 with or without a deal. Currently, given the circumstances, it looks like they would ask for an extension in the deadline rather than exiting without securing a deal. Besides, it is to be noted that the E.U. Summit will start on Thursday, and the deal should be agreed on that day. It means that the deal should be agreed till Wednesday to be secured on Thursday at Summit. In that setting, there are just three days remaining, including Monday, to secure a deal for Brexit. No-deal means the beginning of uncertainties. On Monday, the Queen said that leaving the European Union on October 31 was the priority in the state opening of Parliament. In the upcoming three days, the British pound would remain sensitive to ongoing headlines related to Brexit Deal. The chances of no-deal Brexit have increased again after the Queen's speech because of the few days remaining to secure a deal. However, anything could happen so that traders would be looking closely at any news from E.U. or Britain regarding Brexit. Support Resistance 1.2469 1.2768 1.2289 1.2887 1.199 1.3185 Pivot Point 1.2588 As anticipated, the GBP/USD bounced off above the double top resistance become a support level of 1.2535. Today, the Cable may find an immediate resistance at 1.2675 level and the violation of which could lead the GBP/USD prices towards 1.2550 level. Now that's a level that may give a hard time to the GBP/USD, and we may see selling in the GBP/USD pair below this level. All the best for today.
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