The market is firmly believing that a Brexit deal is at the tip of the fingers, pushing Pound to fresh five-month highs above 1.2860. French President Macron said that a Brexit agreement is being finalized, the latest bullish catalyst for the pair.
Positive news related to Brexit and the US-China trade war coupled with poor US Retail Sales, weighing on the dollar. EUR/USD extends gains above 1.1060 for the first time in over a month.
The cryptocurrency market is in the tailspin. Bitcoin's collapse below critical $8,000 triggered a host os sell-orders and affected the momentum of all major altcoins as well.
Crude oil prices came under pressure on Tuesday after the International Monetary Fund (IMF) announced that it lowered the 2019 global growth forecast to 3% from 3.2% in July to revive concerns over a dismal energy demand outlook
Bitcoin and major altcoins resumed the decline after a short period of range-bound trading on Wednesday. The total market capitalization retreated to $220 billion, according to CoinMarketCap data. An average daily trading volume stabilized at $52 billion, while Bitcoin’s market settled at 66.3%.
EOS has recovered from the intraday low of $2.81 to trade at $2.97 at the time of writing. Despite the recovery, the coin is still 5% lower from this time on Tuesday.
At the time of writing, TRX/USD is changing hands at $0.0156. The coin has lost over 5% in seven 24 days, and the downside momentum is still strong.
ETH created the recent top at $197.80 on October 11 and has been sliding down ever since. The second-largest digital asset retreated below $180.00 during early Asian hours amid the sell-off on the cryptocurrency market.
US-China trade talks and Brexit fueled risk-on sentiment
Risk-on has taken over the financial sphere these last couple of days, on encouraging news coming from the two big turmoil fronts, Brexit and the trade war between the US and China. The EUR/USD pair has advanced for a second consecutive week, recovering the 1.1000 threshold and rallying to 1.1062, on hopes both ships will reach good port.
GBP/USD has surged to 1.28 amid reports that the EU and the UK reached a draft deal. What are the next levels to watch?
The Technical Confluences Indicator is showing that the next upside target for GBP/USD is 1.2841, which is the convergence of the Pivot Point one-week Resistance 1 and the Bollinger Band one-hour Upper.
Further up, Cable may hit 1.2902, which is where the Pivot Point one-month Resistance 2 meets the price.
Support awaits at 1.2729, which is the confluence of the Simple Moving Average 5-4h, the BB 1h-Middle, and the Fibonacci 38.2% one-day.
The next cushion is close – 1.2702 is the meeting point of the previous weekly high, the SMA 100-15m, and the SMA 200-one-day.
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