Priced In GBP/CHF Plunges, U.K. & E.U. Reaches a Deal!

EagleFX Team EagleFX

What a day it is, the Sterling is making dual side movements in the wake of Brexit deal. A Brexit agreement has been made within the U.K. and E.U. ere to a meeting of European leaders in Brussels.

The British Prime Minister now encounters a struggle to make it through Parliament with former associates the DUP stating they will not support it. He urged M.P.s to "come together to get Brexit done and get this excellent deal over the line."

British Pound made a strong bullish movement on the news, but later reversed as most of the Brexit deal was already priced in. Moreover, the investors are worried about parliament vote on it.

The GBPCHF traded precisely in line with our forecast to hit our bullish target at 1.2860. It's been falling now as the market is exceptionally overbought now.

The MACD is consistently forming smaller histograms than before, suggesting chances of a bearish retracement in the pair.

The GBPCHF continues to hold in the overbought zone, below 61.8% Fibonacci retracement level of 1.2790. The pair has closed a Doji candle below 1.2790 resistance level, which is suggesting the chances of a bearish reversal. Today 1.2790 remains the fundamental level as below this, GBPCHF may stay in selling until 1.2625. The bullish breakout can extend buying until 1.2855.

GBPCHF - Trade Setup

Entry - Sell Below 1.2700
Take Profit - 1.2620 & 1.2575
Stop Loss - 1.2765

100% Anonymous Trading on EagleFX - Trade NOW!

Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.