Trading plan for December 20

The main events from the economic calendar for today are related to Great Britain. At first, we anticipate the release of retail sales at 11:30 MT time. Analysts expect the indicator to increase by 0.3%. After that, at 14:00 MT time the Bank of England will present its monetary policy summary and announce its official bank rate votes. The rate hike is not expected, however, the BOE governor Mark Carney and his colleagues may provide some supportive data for the British pound and suggest some hints for further bank’s decisions in case of a no-deal Brexit. On H4, the British pound has bounced from the strong support at the central pivot at 1.2605. For now, GBP/USD has been gaining towards the resistance at 1.2735. The higher-than-expected level of retail sales, as well as the hawkish BOE, will make the cable rise higher to the 1.2735 level. Otherwise, if the BOE is dovish or the actual level of the retail sales disappoints the investors, the risks of the fall below the 1.2605 support will increase. However, if we look at the technical side, Parabolic SAR shows an uptrend for the pair and both RSI and MACD do not signal the reversal. Let’s look how USD/JPY has been trading after the uncertain Fed comments. The US dollar fell amid the low 10-year treasury yields. As a result, USD/JPY went down significantly, targeting the support at 111.61. If the USD gains back its strength, the pair will move up to the resistance at 112.49. Parabolic SAR shows the USD may continue to weaken.

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