Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP and the UK PM: anyone in the room?
2020-11-13 • Updated
Let’s just sort out what’s happening in the UK.
With Brexit - almost nothing. Just another week passed – the one that was supposed to be decisive. Fisheries, the level playing field, and accord enforcement – none of those key sectors of negotiation saw any progress.
With Boris Johnson – really not sure. Hopefully, he is doing fine, because in two days, two of his key allies left him: Lee Cain on Wednesday, after rejecting the position of chief of staff, and Dominic Cummings on Thursday, although he will stay in until the end of the year. Observers are trying to speculate on the reason, interconnection, and Brexit implications of those events, but one thing is for sure: it will be harder for Boris Johnson to assert his power without those people.
With the GBP – so far, it’s doing fine. Strategically, it hasn’t stepped away from strengthening against the EUR. Tactically, it lost some value, possibly on those two resignations, driving EUR/GBP up to 0.90. It’s already in a downward retrace though, so the GBP is pressing on the EUR again.
We are used to saying “the next week will be decisive” but if there is something that Brexit taught us – it’s that what was announced as deadlines initially, easily converts into just another time-checkpoint for fruitless negotiations. Watch the GBP though – it’s resilience is not limitless.
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
Gold Daily Chart Throughout last week’s trading, gold traded within a tight range, but it also managed to hold well above its 1775 support area until the end of the week, while the technical indicators has improved over the past few days, including…
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.