Forex Signals Brief for Mar 14: Brexit Troubles Remain in Focus

The Brexit deal, or at the least lack of one, has been the big market mover of the week on forex markets.

Yesterday’s developments have cast more doubt over what the final exit might actually look like, but the fact that lawmakers want to have a deal was a bullish sign for the GBP/USD.

The pressure now turns back onto UK PM May, to try and further negotiate some type of arrangement that will please both the EU and the UK. And at the same time try and save her own job, which comes under more pressure with every failed vote.

Today will be a quiet one on the data front with New Homes Sales data from the US the main number to watch.

Forex Signal Update

The FX Leaders Team finished with four winners from five trades in a strong day for the team.

EUR/USD – Active Signal

We are in another EUR/USD signal as price has been sucked towards the 1.1300 level. As mentioned there is selling pressure here, so we are looking for this one to turn our way.

Oil – Active Signal

Oil has spiked sharply higher, led upward by a bullish oil inventory report yesterday and strength in equity markets. We are still looking at a long entry and we are now above resistance.

Cryptocurrency Update

Word overnight that another crypto exchange, Gatecoin, has bitten the dust. However, the news is now becoming a bit commonplace and we haven’t seen much of a reaction from the story.

Bitcoin continues to remain trapped between $3,800 and the $4,000 level and there has been little movement in the last 24 hours.

The FX Leaders Team remain short and looking for more downside.