UK Week Ahead Dominated by Brexit, US Data and Fed Speak
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UK Week Ahead:
- A busy week of heavyweight data releases and central bank speak across the globe.
- Brexit news will remain the driver until the House votes in mid-December.
We have just released our Brand New Q4 Trading Forecasts including USD and GBP.
A look at the high importance data releases and central bank speeches highlights the importance of this week to traders of nearly all asset classes. Add in the G20 meeting - starting at the end of week – and the calendar needs to be closely monitored this week. Brexit will continue to grab the headlines after the EU and the UK signed off the draft text and withdrawal agreement, and UK PM Theresa May will be trying her best to convince voters and MPs that her version of Brexit is the only one available. Current thinking is that the bill will not pass through a House of Commons vote, leaving the process no further on since June 2016.
Sterling Ignores EU/UK Brexit Deal as Challenges Increase
GBPUSD is expected to remain rangebound ahead of the Brexit deal vote in the House of Commons although this week’s US data releases and two separate speeches from Fed Chair Jerome Powell may prompt some price action.
GBPUSD Daily Price Chart (May – November 26, 2018)
The FTSE 100 has partially de-coupled from GBPUSD moves in recent weeks with investors now looking at the effect Brexit will have on the UK economy, not just at foreign exchange gains/losses for top UK exporters. Short-term support remains between 6.850 and 6,900 for now.
FTSE 100 Daily Price Chart (February – November 26, 2018)
GBPNZD has fall sharply in the last six weeks and may offer Sterling bulls an opportunity if/when there is some clarity on Brexit. Support around 1.8630 – 1.8660.
GBPNZD Daily Price Chart (May - November 26, 2018)
*Due to recording issues there is no webinar video attached this week*
Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.
What is your view on UK markets – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at firstname.lastname@example.org or via Twitter @nickcawley1.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.