Trading plan for December 13

Today the economic calendar is highlighted by the ECB monetary policy statement at 14:45 MT time. The European central bank is anticipated to end its quantitative easing policy soon. The comments by the ECB president Mario Draghi may support the EUR.

What news will drive the market today?

Yesterday, Theresa May won her confidence vote. Today she will meet with the European leaders to find a solution on Brexit. That is why the headlines may bring the volatility to the cable.

Also, the Italian government has agreed to cut its budget deficit to 2.04% compared to 2.40% previously. For now, it anticipates the approval by the European Commission. Positive news on the outcome will pull EUR/USD.

Let’s look at the charts.

EUR/USD is awaiting the statement by the European Central bank. The pair was supported yesterday after the news from Italy and rose to the central pivot at 1.1374. For now, it has already crossed this level, heading towards the resistance at 1.1437. If the ECB provides hawkish comments for the euro, it will stick near this level. Otherwise, the pair will fall to the support at 1.1323. 

As for GBP/USD, yesterday, bulls pushed the pair higher, the pair crossed the 1.2560 level and tested the resistance at 1.2643. If today’s negotiations turn out to be successful for May, the pair will stick above the 1.2643 level. The next resistance is placed at 1.2740. In case of negative news, it will fall towards the support at 1.2560. The next support lies at 1.2462.

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