GBP/USD extends slump, trading at fresh daily lows, accumulating a whopping 250 pips' loss since Raab quit. Doubts the deal would pass through the Parliament and a no-confidence letter against PM May weigh. GBP/USD poised to test 1.2690, October low.
The EUR/USD pair is trading marginally higher for the day, lacking life of its own as the world keeps gyrating around Brexit. Nevertheless, headlines indicating that China is preparing a trade proposal for the US lifted high-yielding assets from their lows, keeping the common currency afloat.
The approval of the Brexit treaty to secure Britain’s exit from the European Union has always been a one-party affair.
The BTC/USD blows up its foundations and shows extreme weakness. The ETH/USD is in a weak zone and could move towards $100. The XRP/USD comes out almost unscathed and retains its rocket ticket to the moon.
Investors and cryptocurrency enthusiasts and especially those in the Bitcoin community are asking themselves a difficult question, what’s next after the overwhelming plunge on Wednesday. The market was diving in the sea of red waters with Bitcoin, the leading crypto breaking below the base support at $6,000.
Ripple's XRP price is trading firmly in the red, down over 5% in the session on Thursday, XRP/USD price action is moving within a pennant pattern, subject to a breakout to the downside. Ripple announced another partnership, large Asian bank, CIMB Group will be utilizing Ripple's technology.
Bitcoin Cash price nursing chunky losses of some 5.7% into the second half of Thursday's session. BCH/USD testing a critical area of support, seen just below $415, this has provided support in September and October.
The EUR/USD attempted a recovery but found itself on the back foot once again
The EUR/USD hit a new high of 1.1500 but was unable to hold onto it. The failure resulted in a gradual drop to the bottom of the range. The US Mid-Term elections yielded a divided government: Democrats won the House and Republicans retained the Senate, a result that had been forecast by the polls.
EUR/USD managed to recover and recapture 1.1300 as the market mood temporarily improved. What's next? The next moves to the upside may be harder.
The Technical Confluences Indicator shows that EUR/USD faces a dense cluster of resistance lines at 1.1365. This includes the Pivot Point one-day Resistance 1, the Fibonacci 23.6% one-week, the Bollinger Band one-hour Upper, the Simple Moving Average 200-1h, and the SMA 50-4h.
The next hurdle is more potent. At 1.1385 we see the convergence of the BB one-day Middle, the Fibonacci 38.2% one-week, and the Fibonacci 23.6% one-month.
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