Brexit: on the Queen's table
To be considered an official law, the Brexit paper just needs a signature of the Queen now. How does that affect the GBP?
Market updates on November 27
Key events ahead:
US durable goods orders – 15:30 MT (13:30 GMT)
US preliminary GDP growth – 15:30 MT (13:30 GMT)
US personal spending – 15:30 MT (13:30 GMT)
Release of the most-watched UK election poll – 00:00 MT (22:00 GMT)
- Traders of the British pound will be awaiting the polls by the market research firm YouGov. It is famous for its accuracy in the forecasts. The GBP/USD pair has been moving down ahead of the polls. It has already tested the support at 1.2826 on H4. In case of a breakout of this level, the next support will lie at 1.2807. The chance of falling to this level will increase if the Tories party gains less votes at the polls. Bulls need to break the 200-period SMA at 1.2855 to return the upside momentum to the pair. The next resistance will be placed at 1.2871.
- Also today we are awaiting the releases of some of the important indicators for the USD. EUR/USD has been testing the support at 1.1002 on H4. If this level is broken, the next key support level will lie at 1.0995. After that, the 1.0987 level seems like an attractive target for bears. If the American indicators disappoint, the pair will retest the 1.1015 resistance level. The next resistance will be situated at 1.1024.
- USD/JPY has been trading within an uptrend. On the 4-hour chart, the pair is moving towards the resistance at 109.21. After the breakout of this level, the next resistance will be placed at 109.35. From the downside, the downward momentum will be limited by the 109.08 and 108.91 levels.
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