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  • No matter where you look, the Euro is under a great deal of technical pressure: versus the commodity currencies (EUR/AUD, EUR/CAD, EUR/NZD) or even against the Nordic currencies (EUR/NOK, EUR/SEK). Get your market update from @CVecchioFX here: https://t.co/UJvFdVbrk6 https://t.co/lJGEuR5TIE
  • RT @FxWestwater: $AUDUSD Aims to Retake Key Level as Markets Digest US Covid Stimulus News Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/08/AUDUSD-Aims-to-Retake-Key-Level-as-Markets-Digest-US-Covid-Stimulus-News.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/eYwb…
  • This seems likely to reflect the near-certain passing of the US$1.9 trillion stimulus top-up in the US https://t.co/lmIuNpLmV6
  • Risk-on tone seemingly prevailing in early Asia-Pacific trade. US stock index futures up with commodity currencies (AUD, CAD, NZD, NOK), crude oil, gold. Anti-risk USD, JPY and CHF down. https://t.co/nJgxWHCGCa
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/brgbPlNTIl
  • WTI crude oil prices surpassed the 200% Fibonacci extension level of US$ 66.65 after Saudi Arabia said a storage tank in the Ras Tanura export terminal was attached by a drone on Sunday. Brent price breached US$ 70 mark for the first time since January 2020. https://t.co/hB39eHZLVw
  • Crude oil will likely extend its bull run after one of the most protected oil facilities in the world came under attack on Sunday - BBG
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST on DailyFX - https://t.co/lxd5fZnn4H Mid-Week Market Check Up with IG on Wednesday at 9:30am EST - https://t.co/8SFBJxNZrA
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/6BhlgjWVYw
  • We are going to start the new trading week with a few critical technical breaks like the $QQQ's (NDX) H&S neckline break on volume and EURUSD's clearance below 1.1950. Are these the makings of trends? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/06/EURUSD-and-Nasdaq-100-to-Start-Week-with-Multi-Month-Breakdown.html https://t.co/iR5w7iDkDU
UK Week Ahead: Brexit Votes Will Steer Sterling | Webinar

UK Week Ahead: Brexit Votes Will Steer Sterling | Webinar

Nick Cawley, Strategist

UK Markets, Sterling and Brexit:

  • 18 days until the UK leaves the EU and still no clarity.
  • Sterling volatility implies a potential 200+ pip move this week.

You can access all of our Q1 2019 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD along with our latest fundamental and medium-term term technical outlook.

Sterling (GBP) to Remain Volatile

The British Pound is being whipped around by talk that PM May may downgrade tomorrow’s meaningful vote on her Brexit bill to provisional status as fears grow that she will face another defeat. If this is the case, it is likely that some Conservative MPs will resign and may even force a second vote of No Confidence in the Prime Minister. As we write, nothing has been confirmed one way or the other so price action is likely to remain whippy ahead of the vote. PM May has until 10pm today to table any motion or amendment.

The UK calendar is busy on Tuesday with industrial and manufacturing data released, while cable traders will need to be alert to a raft of high importance US releases. On Wednesday, Chancellor Philip Hammond will present his Spring Statement with fresh spending planned if Brexit is resolved.

DailyFX Economic Data and Events Calendar.

GBPUSD has already moved in a 100-pip range today as rumors swirl and the latest GBP one-week volatility data shows a potential for the British Pound to move 210 pips this week. GBPUSD looks reasonably well supported between 1.2894 and 1.2964, while to the upside resistance at 1.3177 should prove difficult to break until Brexit is resolved.

Sterling Weekly Technical Outlook: Charts Keeping Positive Bias.

GBP Fundamental Forecast: A Critical Week of Brexit Votes.

GBPUSD Daily Price Chart (July 2018– March 11, 2019)

UK Week Ahead: Brexit Votes Will Steer Sterling | Webinar

IG Retail Sentimentdata shows clients are 63.7% net-long GBPUSD, a bearish contrarian indicator. However, the combination of current sentiment and recent changes gives us a stronger GBPUSD bearish bias.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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