Divided UK Gets ready for Brexit

The UK will start settlements to leave the European Union almost 7 months after voting to leave the bloc in a remarkable referendum. No nation has actually ever voted to stop the EU, numerous financiers …

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The judgment stated the British federal government needs to initially get parliamentary approval prior to starting the official Brexit procedure. When it comes to Brexit, numerous remaining concerns stay. Will the UK maintain tariff-free access to the Single Market, and how will Brexit effect monetary organizations’ passporting rights? British equities have actually fared enormously well in the wake of the Brexit vote, as the Bank of England (BOE) has actually taken preventive actions to hold up against the financial blowback. Pound sterling might have yet to discover its bottom, as financiers prepare for unstable Brexit settlements in the near future.

How Brexit May Not Really Take place

Britain’s choice to leave the European Union on June 23 surprised the international monetary markets, set off prevalent worries about the future of pan-European combination. Advancements because that eventful night have actually led lots of observers to conclude that Brexit …

The post How Brexit Might Could Actually Really appeared initially on Forex.Info.

One month later on, Britain’s High Court tossed a wrench in May’s strategy by ruling that Brexit can not in fact occur without parliamentary assent. At the really least, the High Court judgment recommends Brexit might be postponed numerous years as MPs weigh the pros and cons of leaving the single market. There are a number of other factors why Brexit may not really take place. If the Brexit concern goes to Parliament, we might be looking at lots of more years prior to the divorce really occurs. (6) The BOE has actually suggested its desire to reduce financial policy even more ought to Brexit headwinds show more powerful than formerly pictured.

Intraday technical levels and trading recommendations for GBP/USD for November 22, 2016

Share This: The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery. However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons). Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target). Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6. Daily persistence below 1.2700 confirmed the bearish Flag pattern. That’s why, bearish projection target would be located around 1.2020. Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback was being executed towards 1.2700. The recent bullish pullback towards 1.2700 was suggested to be watched for a valid SELL entry. The bearish engulfing candlestick of the previous week enhances this scenario. S/L should be lowered to 1.2600 to offset the associated risk. T/P levels should be located at 1.2300 (reached already) and 1.2100. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Intraday technical levels and trading recommendations for EUR/USD for November 22, 2016

Share This: In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450. In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997. Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500. Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback. That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, August, and October 2016). In the longer term, the level of 0.9450 will remain a projected bearish target when the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570. The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0825 is needed to enhance this bearish scenario. In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16. Bearish closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the bearish momentum towards the price level of 1.1000 (key level 1). On November 9, obvious bearish breakdown of the 1.1000 price level occurred (Shooting Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) was expressed. The current bearish persistence below 1.0825 allowed further bearish decline to occur towards 1.0570 (demand level) where price action should be watched for short-term bullish recovery and a possible BUY entry. On the other hand, bearish closure below the depicted demand level around 1.0570 allows further bearish decline. Initial bearish target would be located around 1.0220. On the other hand, the price level of 1.0825 (Fibo Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if any bullish pullback occurs. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

EUR/NZD analysis for November 22, 2016

Share This: Recently, EUR/NZD has been moving sideways at the price of 1.5020. Using the market profile in the 30M time frame, I found yesterday’s point of control at the price of 1.5125. Besides, I found a trading range between the price of 1.4997 (support) and the price of 1.5056. Watch for a breakout to confirm a further direction. If the price breaks upward, the target will be set at the price of 1.5125. If the price breaks lower, the target will be set at the price of 1.4960. I give more chances for higher price since price is out of balance according to yesterday’s profile. Fibonacci Pivot Points: Resistance levels R1: 1.5125 R2: 1.5150 R3: 1.5210 Support levels: S1: 1.5015 S2: 1.4985 S3: 1.4930 Trading recommendations for today: Watch for a potential breakout to confirm a further direction. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of GBP/JPY for November 22, 2016

Share This: GBP/JPY found the support at 124.80 and started to rise. The pair managed to break above the descending channel and currently is trading above both 50 and 200 Moving Averages. This means that GBP/JPY is either going to continue correcting up or could change the direction of the trend from down to up. At the same time, the pair has broken above 38.2% Fibonacci retracement level where the next upside target could be one of the next Fibs. Consider buying GBP/JPY at the current rate (138.00), targeting either 50% (142.45) or 61.8% Fibs (146.60). Suggested stop loss is 135.10. Support: 133.12 Resistance: 138.28, 142.45, 146.62 The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

EUR/NZD analysis for November 21, 2016

Share This: Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5018 in an average volume. Using the market profile in the 30M time frame, I found that price went to imbalance out of strong point of control zone in the background. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. I found Fibonacci expansion 100% at the price of 1.4985 and Fibonacci expansion 161.8% at the price of 1.4850. Fibonacci Pivot Points: Resistance levels R1: 1.5125 R2: 1.5150 R3: 1.5180 Support levels: S1: 1.5055 S2: 1.5035 S3: 1.5000 Trading recommendations for today: Watch for potential selling opportunities. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Gold analysis for November 21, 2016

Share This: Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,217.36 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,212.00 on the 15M time frame. I found a higher value area compared to Friday, which is a sign of strength. Watch for potential buying opportunities. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,218.90 and Fibonacci expansion 161.8% at the price of $1,226.80. Fibonacci pivot points: Resistance levels: R1: 1,207.35 R2: 1,208.20 R3: 1,209.60 Support levels: S1: 1,205.40 S2: 1,204.50 S3: 1,203.00 Trading recommendations for today: Watch for buying opportunities. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Global macro overview for 21/11/2016

Share This: Global macro overview for 21/11/2016: UK Prime Minister Theresa May said in a speech at the Confederation of British Industry’s annual conference in London that after Brexit the UK needs to be prepared to adapt and change. She stated that the underlining driving force for the Brexit vote was the people’s call for a fairer economy and this is why the big business should work with the government in order to ensure the benefits of capitalism are shared more equally. Moreover, she pledged to cut the UK corporation tax to the levels lower than US and the aim is the UK to have the lowest corporate tax rate among G20 nations. And last, but not least, she promised £2bn of investment in science and research and tax breaks for innovators after Brexit. In conclusion, some bold statements from the UK PM can not be neglected. Ambitious promises, plans and a fresh approach towards a new way of thinking for government-business relationships can make the real difference in a post-Brexit UK. Let’s now take a look at the GBP/USD technical picture in the 4H time frame. The market rallied slightly after May’s speech, but so far it stopped at first intraday resistance at the level of 1.2390. Nevertheless, the key support at the level of 1.2333 looks solid and the bounce might extend higher towards the next technical resistance at the level of 1.2511. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of USD/CAD for November 21, 2016

Share This: General overview for 21/11/2016: The top for the wave b (green) has been established at the level of 1.3566 and now the market is declining towards the intraday support at the level of 1.3398. This is why the intraday support is the key level for daytraders as any breakout below it will confirm the wave c (green ) is in progress. The projected target zone for the wave c (green) is the demand zone between the levels of 1.3290 – 1.3312. Support/Resistance: 1.3596 – WR1 1.3566 – Intraday Resistance 1.3497 – Weekly Pivot 1.3419 – WS1 1.3398 – Intraday Support 1.3308 – WS2 Trading recommendations: The corrective upward wave progression is about to be completed, so this is why the daytraders should consider opening only sell orders with tight SL and TP open for now. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex