Forex Signals Brief for Mar 12: Brexit Optimism Lifts the Pound
Rowan Crosby • 1 min read
We’ve started to see more Brexit news hit the headlines today and for the most part, there is an air of optimism around what is currently going on.
The discussions between UK PM May and European Commission President Juncker have seen the two parties reach an agreement of sorts. However, there is still plenty of work to do with the UK parliament still required to tick off any scheme which as we’ve previously seen is no easy feat.
The GBP has been the strongest performer over the last 24 hours and it will be very interesting to see how things open up when European trade gets underway today.
Forex Signal Update
The FX Leaders Team finished with 4 winners out of 6 trades for a solid start to the week.
EUR/USD – Active Signal
The EUR has been weak across the board recently thanks to some poor data and a dovish ECB. We are short and looking for the current bounce to fail.
Oil – Pending Signal
Oil is rebounding along with worldwide equity markets and we might get another look at resistance overhead. If price can hold $58, there could be more upside here.
Bitcoin looks like it has failed on its second attempt at the $4,000 level.
Price had been holding around $3,800 and has settled back to that area. This is bearish for the time being as it has failed twice now and made a lower high.
The FX Leaders Team remains short here looking for a further breakdown.