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The GBP is retreating against major currencies due to the BRexit

2018-10-09 12:49 pm | Resource: News | No Views : 42



 The pound fell against its main rivals in Tuesday's European session, following comments by a conservative House member suggesting his fellow conservatives were ready to vote against Chuckers' amendments and the UK should have the courage "to move forward without agreement."

 The spokesman for Mai does not bargain out without framework for future relations

On the other hand, British Prime Minister Theresa May's spokesman said the United Kingdom can not agree to any exit agreement from the European Union that does not include a precise framework for a future relationship between London and Brussels. Slack reiterated that any new proposal for Irish support "will be put in time "While adding that negotiations leading to the EU summit next week would resume" on an intensive basis. "

Asked about the current position of the Unionist Democratic Party, which recently opposed all proposals that would leave Northern Ireland in the EU customs union, Slack said Prime Minister Mai was trying hard to find arrangements that worked for everyone. Meanwhile, one day after Scottish Prime Minister Nicolas Sturgeon suggested a second referendum on independence, the spokesman said the government wanted Scotland to "work together with the rest of the UK to secure the best Brexit deal."

Investors also digested UK exit developments from the EU, as the Business Industry Association asked that Philip Hammond use the budget on October 29 to boost investment by $ 3.5 billion to address the uncertainty at Brexit.

The currency was traded in a positive territory against the major currencies
  • The pound dropped to 0.8791 against the euro, from several weeks high at 0.8767. The Pound is likely to find support around 0.89.
  • The British pound fell to 1.3034 against the US dollar, reversing its previous high of 1.3106. If the pound falls further, it is likely to reach 1.29, the next support against the US dollar
  • The pound dropped to 1.2959 against the franc, reversing its previous high of 1.3016 on. If the pound drops further, the 1.26 levels are likely to be seen as the next support levels of the franc
  • . The British currency fell to its lowest level in six days at 147.35 yen, down from the highest level at 148.39 shows the next potential support for the GBP around the 146.00 area.


Other analysis

USD/JPY Technical analysis 16 October 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears managed to control movement of the USDJPY to the support level of 111.60 which also represents 61% retracement of Fibonacci levels Accordingly, we expect that the USDJPY will test levels of 112.16 - 112.73 in a corrective move   The alternative scenario is that the USDJPY retreated to level of…

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