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The Forex Report – Forex Friday – 7 December 2018

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Barry Dumas
YOUR-FRIDAY-FOREX-REPORT

With the current market uncertainty around the world, all eyes will be on this afternoon’s U.S Non-Farm Payrolls being released at 15:30 SAST. The number might give insight into which direction the FED will head into and if there is a final rate increase for December on the cards.

Taking a closer look at some of the currency pairs we can see the current uncertainty flowing through to the Forex market.

EURUSD

The EURUSD currency pair is consolidating due to uncertainty from the FED hiking interest rates one final time in December. Looking at the Daily chart we can see the price action did manage to break out of the falling wedge and came back to retest (Blue circle). Currently consolidating sideways as we await the NFP numbers later today. We need to clear 1.14465 which coincides with the 38.2 Fib level with a possible target at 1.15048.

Screenshot 2018-12-07 at 15.20.51

Source – MetaTrader5

GBPUSD

As it looks now, Britain’s parliament will have the final Brexit vote scheduled for next Tuesday as to PM Theresa May’s exit deal. Looking at the 4 Hour chart a bearish tone is still in play until we see a positive outcome from next week’s vote. The 76.4 Fib level which coincides with the 1.28346 level is acting as resistance.

Screenshot 2018-12-07 at 15.21.27

Source – MetaTrader5

 

EURGBP

The EURGBP currency pair has played out nicely over the weeks but the price is also currently consolidating at the very important 61.8 Fib retracement level. We might see a selloff from this level if a positive Brexit outcome is reached in the U.K’s parliament on Tuesday.

Screenshot 2018-12-07 at 15.22.20

Source – MetaTrader5

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