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The Forex Report – FX Friday – 16 November 2018

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Barry Dumas
YOUR-FRIDAY-FOREX-REPORT
 

The European zone has been the topic of discussion this week as BREXIT is pushed firmly into the spotlight once more.

We have seen volatility come through on the cable rate (GBPUSD) over the last couple of trading sessions and until PM Theresa May’s fate is decided and a BREXIT outcome is finalized, we expect the volatility to continue.

Let’s take a closer look at some of the Eurozone Forex pairs...

GBPUSD

The cable is expected to see more volatility today and over the next couple of trading session. The price action might just move lower once more if the vote of no confidence in Theresa May is passed. Looking at the chart we can see the broader downtrend is still intact. The price might move higher back to the 61.8 Fib retracement line (1.29590) before it starts to sell off once more.

Screenshot 2018-11-16 at 16.23.48

Source – MetaTrader5

EURUSD

On the daily chart we can see that the price has been trading in a downtrend and is currently finding resistance at the 23.6 Fibonacci retracement line. We might see the price start to rally back up to the $1.15048 level which coincides with the 50% Fib level. If this level does not hold then we can expect the broader selloff to continue back down to the $1.12147 level.

Screenshot 2018-11-16 at 16.25.04

Source – MetaTrader5

EURGBP

The clear volatility within the eurozone can be clearly seen on the chart of the EURGBP currency pair, especially with that move from yesterday. The Euro might be the clear winner here until the BREXIT turmoil gets sorted out. Looking at the chart the down trend is still intact, but the Euro might gain strength as the Pound loses ground. The price is currently finding resistance at the 0.88765 level which coincides with the 50 Fib retracement level. A breakout from here might push the price action to the 61.8 Fib level as next target higher.

Screenshot 2018-11-16 at 16.25.49

Source – MetaTrader5

 


 

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