Markets in Details: 12 March 2019

12 March, 2019

News

  • UK PM Theresa May has secured “legally binding changes” to her Brexit deal after late talks with EU on Monday. She did not secure the outright removal of the Irish border backstop, but negotiated a legally binding statement that describes the backstop as a temporary measure and allows the UK to take legal actions should the two sides fail to reach a free trade agreement in order to replace the backstop.

The focus of attention

  • Traders will focus on the new Brexit plan negotiated by Theresa May and on the result of the parliament voting on Tuesday evening.

Expected events. All times GMT.

  • 0930 UK will release its latest GDP, manufacturing production, industrial production and trade balance.
  • 1230 U.S. will release its February CPI.

Technical Analysis

We could expect movement on the GBP/USD chart on the news that Theresa May negotiated a legally binding deal with the EU on Monday. The pair has bounced off the 61.8% Fibonacci retracement level for the second time and the price was moving upwards on Monday. Expect the pair to resume its upward movement if it manages to keep to the current trendline or be prepared for a very strong throwback if the trend line breaks, which would signal that markets reject to take the fundamental news on Brexit as positive.


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