➖⚡➖ KEY TAKEAWAYS ➖⚡➖
✔️ The pair overall remains bullish on larger timeframes.
✔️ USD Continues to remain under pressure across the board. DXY near lowest level since Feb 2018
✔️ Stimulus is continuing to be delayed with vaccine just around the corner.
✔️ Brexit deal unlikely with Michel Barnier, the bloc’s chief negotiator, is to go into quarantine just as time to reach a deal runs out.
➖⚡➖ TECHNICAL ANALYSIS ➖⚡➖
Bullish Outlook:
The 4 year Brexit deal that began back in 2016 and put the pound into a tailspin might finally close out with no deal. This might actually add some strength to Cable hence the well supported Bullish rally. With timing running out, European officials discussed whether they could implement an agreement by Dec. 31 but leave the formal ratification process to next year. That could put the bloc’s executive arm on collision course with the European Parliament and member states anxious to protect their rights to approve any accord.
Bearish Outlook:
In terms of technicals, I believe if we're unable to break above the 1.333 area, this might add some downside pressure. However we would need to see some recovery with the greenback which might remain supported near the 2018 lows.
Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.
✔️ The pair overall remains bullish on larger timeframes.
✔️ USD Continues to remain under pressure across the board. DXY near lowest level since Feb 2018
✔️ Stimulus is continuing to be delayed with vaccine just around the corner.
✔️ Brexit deal unlikely with Michel Barnier, the bloc’s chief negotiator, is to go into quarantine just as time to reach a deal runs out.
➖⚡➖ TECHNICAL ANALYSIS ➖⚡➖
Bullish Outlook:
The 4 year Brexit deal that began back in 2016 and put the pound into a tailspin might finally close out with no deal. This might actually add some strength to Cable hence the well supported Bullish rally. With timing running out, European officials discussed whether they could implement an agreement by Dec. 31 but leave the formal ratification process to next year. That could put the bloc’s executive arm on collision course with the European Parliament and member states anxious to protect their rights to approve any accord.
Bearish Outlook:
In terms of technicals, I believe if we're unable to break above the 1.333 area, this might add some downside pressure. However we would need to see some recovery with the greenback which might remain supported near the 2018 lows.
Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.