Weekly Technical Forecast: The US Indices Rally Stalled, Oil’s Tumble Continued, EURUSD Weighs a Key Level
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Even as the British Pound has outperformed its contemporaries in recent weeks, there’s no legitimate reason for gains besides hoping for a ‘soft Brexit’ deal emerging. Progress has been uneven to say the least, and so while many GBP-crosses may be in the clear at present time, it’s worth handicapping any expectations with the pragmatic understanding that directional moves could be reversed upon unexpected news flow.
Global equities spent the first portion of the week recovering from the October sell-off. But the past two trading days havent' been so convincing.
Last week, the Euro attempted to rally but found stiff opposition; this has the increasingly important 11300 level back in focus and it matters in a big way.