Trading plan for 23/11/2018

The currency market, fluctuations of main currencies against USD do not exceed 0.15%. EUR / USD is at 1.1410, USD / JPY at 112.90, and GBP / USD at 1.2870. The Chinese stock market suffers from fears of slowing growth as a result of trade wars and Shanghai Composite falls by 2.3%. In Japan, the Thanksgiving for Work is celebrated and the stock market is not working.

The morning in Europe on 23rd of November looks to be very interesting. At 08:30 am GMT the global traders will see data on Germany's GDP, and then a series of PMI readings for industry and services from EU countries along with aggregate data for the Eurozone. In the afternoon, Canada will publish information on inflation and retail sales. Japan has a vacancy today and a shorter session in the US.

GBP/USD analysis for 23/11/2018:

Today will be the next round of Brexit negotiations. Spain threatened that it would not agree to the agreement if the issue of Gibraltar is not resolved. The country wants to be able to negotiate directly on the territory of dependent Great Britain. On Saturday, Theresa May will fly to Brussels for the last round of talks with the President of the European Commission because on Sunday, the EU leaders will meet, during which an agreement on Brexit is likely to be signed, but of course, there may always be a surprise.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The market is still trading in a horizontal range between the levels of 1.2882 - 1.2762 despite the recent spike to the level of 1.2928. The market conditions are now oversold and the positive momentum might indicate a bullish attempt to rally higher. The first target for bulls in that situation would be at the level of 1.3047. The nearest technical support is seen at the level of 1.2820. Please notice, that weekend talks may lead to gaps at GBPUSD at the opening night of Sunday to Monday.


The material has been provided by InstaForex Company -