Technical analysis of GBP/USD for December 10, 2019

Overview:The GBP/USD pair will continue to rise from the level of 1.3072. The support is found at the level of 1.3072, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.3072, while immediate resistance is seen at 1.3180. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.3180.So, buy above the level of 1.3072 with the first target at 1.3182 in order to test the daily resistance 1 and move further to 1.3260. Also, the level of 1.3310 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3072 to 1.3310 today. This would suggest a bullish market because the RSI indicator is still in a positive spot and does not show any trend-reversal signs. The pair is expected to rise higher towards at least 1.3310 so as to test the daily resistance 3 in coming hours. At the same time, in case a reversal takes place and…

Philippine Trade Deficit Narrows In October

The Philippine trade deficit narrowed in October as exports rise amid a decline in imports, data from the Philippine Statistics Authority showed on Tuesday. The visible trade deficit narrowed to $3.25 billion in October from $4.42 billion last year. Economists had forecast a deficit of $3.60 billion. Exports edged up 0.1 percent annually in October, after a 1.2 percent decrease in September. Economists had forecast a fall of 3.3 percent. Shipments of electronic products advanced 7 percent. Imports declined 10.8 percent in October, following a 10.5 percent decrease in the previous month. Economists had expected an 8.5 percent fall. The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis recommendations for EUR/USD and GBP/USD on December 10

Economic calendar (Universal time)
The main news in today’s economic calendar is expected from the Eurozone:
9:30 from the UK – GDP and manufacturing output;
10:00 from Germany – an economic sentiment index.
EUR / USD
The movement of the pair did not add certainty over the past day. Uncertainty and consolidation persist. The previously indicated levels of support and resistance continue to guard the development of the situation. For players to increase, resistance of 1.1080 (weekly Tenkan + weekly Fibo Kijun + daily Kijun) and 1.1102 (daily Fibo Kijun) are still important. For players on the downside, the key support remains the lower boundary of the daily cloud (1.1030), while an intermediate short-term trend is the daily short-term trend (1.1048).
In the lower halves, the pair is in the zone of attraction of key levels, which have slightly expanded their zone of influence of 1.1079 (weekly long-term trend) – 1.1065 (central Pivot level) today. Now, developing above these levels will change the current balance of forces in favor of players to increase, but it will not be easy to achieve a significant advantage in this situation. Thus, the task of players on the upside will be to…

Trader’s Diary: EURUSD on 12/10/2019, Norman Four in Paris

As expected, the market ceased operation in line with the important events on December 11 and 12 namely the Fed, and the ECB meetings and the Great Britain elections.Euro’s growth has not been canceled.We hold buy positions from 1.1035 and look forward to new growth.News: The WTO is on the verge of ceasing.Out of the three WTO commissioners in the dispute resolution commission, two are to be ousted. The US is blocking the appointment of the new commission members and US President Donald Trump plans to use fees to further advance it’s nations interests. Meanwhile, the deadline for the deferred dispute between the US and China is on December 15.Paris: A meeting was held in the Donbass with the heads of Russia, Ukraine, Germany, and France.Summary: All parties did not agree on practically anything. The main disputes are the issue of transferring control of the border to Ukraine and the elections in the Donbass. Ukraine insists that control over the border should be transferred first, otherwise it will be impossible to hold elections via European standards, while Putin insisted that the Minsk agreements should hold elections first.The result: There will be an exchange of prisoners.There were also disagreements on gas transit…

Preparation for the race (EUR/USD and GBP/USD review on 12/10/2019)

The beginning of the week is more like stamping on the spot, although there is a reason to believe that this is just preparation for the sprint race, which should begin either on Wednesday or Thursday. But most likely, on Thursday, immediately after the early parliamentary elections in the UK.
However, do not think that nothing happened at all yesterday. After all, German foreign trade data was published yesterday, showing an increase in the trade balance from 21.2 billion euros to 21.5 billion euros. Although, it should be noted that they expected a decrease in the trade balance to 17.5 billion euros. This happened due to export growth of 1.2%, while imports remained unchanged. At the same time, a decline in exports of 0.7% and imports of 0.1% was projected. Thus, it seems like the data turned out to be extremely good. Nevertheless, data on the balance of payments, which decreased from 24.9 billion euros to 22.7 billion euros, is alarming. In fairness, it must be admitted that they predicted a decrease in the balance of payments to 17.9 billion euros. Due to this, the bottom line in the data on German foreign trade can be considered positive. However,…

European Economics Preview: UK GDP Data Due

GDP data from the UK and economic confidence from Germany are due on Tuesday, headlining a busy day for the European economic news. At 2.00 am ET, Statistics Norway is slated to issue consumer and producer prices for November. Inflation is seen at 1.7 percent versus 1.8 percent in October. At 2.45 am ET, the statistical office Insee releases France industrial production data for October. At 3.00 am ET, November consumer price figures are due from the Czech Republic and Hungary. The Czech inflation is forecast to rise to 2.9 percent from 2.7 percent in October. Likewise, Hungary’s inflation is expected to rise to 3.3 percent from 2.9 percent. At 4.30 am ET, the Office for National Statistics is slated to issue the UK monthly GDP, industrial production and foreign trade data. GDP is forecast to remain flat on month in October, following a 0.1 percent drop in September. UK industrial production is expected to climb 0.3 percent on month and manufacturing output is forecast to gain 0.2 percent. The visible trade deficit is expected to narrow to GBP 11.67 billion from GBP 12.54 billion in September. At 5.00 am ET, Germany’s ZEW economic confidence survey data…

Technical analysis of ETH/USD for 10/12/2019:

Crypto Industry News:Istanbul’s Ethereum Hard Fork took place as planned and saw the light of day with block 9069000. Co-founder Ethereum Vitalik Buterin personally congratulated the node that brought the transition block to the new chain.The market did not pay attention to Istanbul, and Ethereum gained little after the hard-fork. One of the most anticipated updates seems not to have as much impact on the market as originally expected. The announcement of Istanbul’s success was not accompanied by a high volume. Currently, several hours after the event, Ethereum is valued at slightly over $145.In the Ethereum network, there will be even more forks in the future. The problem with them is that it requires node operators to update their mining protocols. At the same time, it should be remembered that the Ethereum Foundation and investors, however, do not view this event like a hard fork. For them, this is one of many stages of the path that is taking great steps towards Ethereum 2.0.Technical Market Overview:The ETH/USD pair has broken above the short-term trendline during the weekend and made a local high at the level of $150.96. Currently, the market is coming off the highs and is testing the breakout from…