The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Pound dips down after no-Brexit deal
Information is not investment advice
The UK Prime Minister Boris Johnson claimed that the Brexit agreement may come to a dead end as both sides decline to meet it halfway. He mentioned: “if no deal reached by October 15 with the EU, both sides should accept that and move.” Moreover, the Financial Times stated that the UK Government is going to impose new laws that can nullify some significant issues of the Brexit deal. That in turn makes the failure of the Brexit agreement quite possible.
EU-UK negotiations are scheduled for this week. Both sides have to reach an agreement by mid-October to prepare the ground for the soft Brexit at the end of this year. The delay will weigh on the British economy and add more obstacles for the soon recovery.
JPMorgan strategists claimed: “our economist’s assessment remains that the chance of no-deal is about a third, but with brinksmanship part of the process it may appear higher than that in coming weeks before agreement is reached”.
Long story short, there are strong factors for the further GBP’s falling such as the stronger USD and risks over no-deal Brexit. Moreover, there are no significant events on the economic calendar to change the current sentiment.
According to Credit Agricole SA, the British pound is going to plummet to 1.20 in case of the impasse over the Brexit deal. Keep that in mind, but for now let’s focus on the short term. If GBP/USD falls below the low of August 27 at 1.3180, the doors towards the next support of 1.3125 will be open. In the opposite scenario, the move above the resistance of 1.3250, which the pair has touched a few times already, will push the pound to the next resistance of 1.3350. Watch out levels and follow further news!
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
The US dollar index has all chances of reaching the 2000s high of 120.00.
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First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.