EUR/GBP continues to make cautious progress to the upside in the aftermath of a bullish candlestick pattern. This followed a push above a descending resistance line from earlier in January which was since resulted in gains of about 2.11% at the time of this writing. In the meantime, EUR/GBP finds itself in a horizontal resistance range between 0.88384 and 0.88108. This area consists of the lows ...
As I see it, there are three main options: 1) leave the EU without a deal (the “hard” Brexit); 2) halt the entire Brexit process, leaving open the possibility of another referendum; and 3) go back to the drawing board and renegotiate. By any measure, a hard Brexit would be disastrous. more...
GBP/USD has put in a bearish move to start the week, pulling up shy of the 1.2500 psychological level as the pair tumbled down to fresh 18-month lows. At the source of the selling was another negative headline around Brexit as Theresa May called off this week’s Parliamentary vote. This adds an element of chaos to an already uncertain situation, and the net response from traders was a 200+ pip sell-off as additional uncertainty was incorporated into GBP prices. ...
UK services sector growth slowed to its weakest level in nearly two-and-a-half years in November, amid weaker growth in both business activity and new work as Brexit concerns intensified, defying expectations for a modest improvement. The CIPS UK Services purchasing managers' index, or PMI, fell to 50.4 from 52.2 in October, marking the lowest level since July 2016. more...
UK retail sales growth in November was greater than expected, though retailers are gloomy about activity in the next three months, a survey by the Confederation of British Industry showed on Tuesday. more...
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