BOE's Mark Carney expects a smooth Brexit, but I don't

Top Forex Trade Setups, Dec 4 – BOE’s Mark Carney in Highlight

Posted Tuesday, December 4, 2018 by
Arslan Butt • 2 min read
  • The US dollar trades bearish in response to the G20 summit where the United States agreed to delay the tariff hike for 90 days.
  • Investor focus stays on the BOE Governor Mark Carney as he is due to speak during the London session.
  • The EUR/USD has a bullish crossover, what to expect today?
  • Can Mark Carney move GBP/USD today? Let’s find out below.

 

EUR/USD – Exponential Moving Average Crossovers

On Tuesday, the dollar continues to trade with bearish sentiment. The US and China have decided to put the tariff hike on hold, which has hurt the bullish dollar sentiment.

The EUR/USD is trading bullish at $1.1375 after placing a low below $1.1360. On the 3-hour chart, the pair has crossed above 20 and 50 periods EMA, which signifies a bullish bias of the investors.

Considering the bullish crossover in mind, the EUR/USD is likely to continue trading bullish trend until $1.1400. While the support remains at $1.3335.

Daily Technical Levels
Support   Resistance
1.1322 1.1383
1.129 1.1412
1.123 1.1473
Key Trading Level: 1.1351

EUR/USD – Trade Plan
The idea is to stay bullish above $1.1320 with a stop loss below $1.1295 and take profit at $1.1400 and $1.1435.

 

GBP/USD Continues Testing Crucial Support Zone

The GBP/USD is consistently pressing lower despite the weaker dollar. Seems like the pair is facing a hard time as investors are still afraid of uncertainty driven by Brexit.

Technically, the 20 & 50 periods EMA are keeping the GBP/USD below $1.2790, while the support prevails at $1.2725.


Potential Economic Events to Impact
BOE Gov Carney Speaks – At 9:30 (GMT), the BOE Governor Mark Carney is due to testify, along with three BOE Deputy Governors, about the Brexit Withdrawal Agreement before the Treasury Select Committee, in London. Volatility may remain high in GBP pairs.

Check out the fresh trading levels for GBP/USD below.

Daily Technical Levels
Support    Resistance
1.2674     1.28
1.2623    1.2876
1.2497    1.3002
Key Trading Level: 1.2749

GBP/USD – Trade Plan
Today, 1.2725 is a very crucial level for the GBP/USD as the market can stay in sell below this level and buying can be seen above it.

Good luck!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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