With no major data releases today, Cable is expected to react on non-economic news, notably any developments coming from Theresa May's visit to Northern Ireland to meet political parties. The meetings will provide them with the opportunity to discuss the Ireland backstop, the political impasse which still plagues any potential Brexit agreement. Yesterday, European Commission President Jean-Claude Junker allowed the possibility for adding to the existing agreement, something that the UK Prime Minister will seek to exploit.
Technically, Cable is trading between 1.2986 and 1.2935, the Fib. 23.6% and 38.2% levels respectively. The overall short-term trend, according to the MACD indicator, appears to be on the upside, with a similar reading coming from the Stochastics. The two levels appear to be quite important for the pair, especially on the Support side, given that it has been trading in this channel for hours, despite a small breakaway yesterday morning.
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Technically, Cable is trading between 1.2986 and 1.2935, the Fib. 23.6% and 38.2% levels respectively. The overall short-term trend, according to the MACD indicator, appears to be on the upside, with a similar reading coming from the Stochastics. The two levels appear to be quite important for the pair, especially on the Support side, given that it has been trading in this channel for hours, despite a small breakaway yesterday morning.
Come join us today at HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.