GBPUSD, H4
Last weekend’s Brexit trade talks have made no progress as they still cannot agree on the sticking points, such as fishing rights over British waters. The British negotiator spokesman stressed that the free trade deal must be approved quickly. But the UK will not change its position in the negotiations. As we are moving closer to the deadline the Irish Prime Minister also expects trade talks to go through this week.
Due to the continued depreciation of the US Dollar, the GBPUSD currency pair is still resting in the high zone that has been tested several times over the past two years. The outlook for this move would be to break up through the bullish flag while the corresponding MACD is moving down but holds over the 0 line. If 1.3400 is breached the next target will be at 1.3500. From this week’s economic data there is a possibility that the pair will fluctuate into a new high or another bearish reversal.
On the economic calendar today the UK has Manufacturing PMIs, while the US has Manufacturing PMI, Fed Chair Powell’s announcement and Manufacturing ISM-PMI.
Click here to view the economic calendar or free webinar.
Chayut Vachirathanakit
Market Analyst – HF Educational Office – Thailand
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