Markets in Details: 13 March 2019

13 March, 2019

News

  • The EU suffers more industrial pain as German carmaker VW announced plans to axe 7,000 jobs to streamline operations. German carmakers have been targeted by President Trump who has repeatedly said he wants to levy higher tariffs on imported European cars as part of his America First policy.

The focus of attention

  • GBP/USD will be keenly watched this evening as the UK will vote on the No-Brexit deal after Theresa May’s expected parliamentary loss yesterday.

Expected events. All times GMT. Semua waktu GMT.

  • 10:00 EU will release eurozone industrial production.
  • 12:30 U.S. will release Core Durable Goods Orders and PPI.
  • 19:00 UK parliament will vote on No-Brexit deal.

Technical Analysis

  • GBP/USD is still presenting traders with opportunity after yesterday’s fundamentally disappointing news that Theresa May failed in parliament again (to get her Brexit plan approved). The early reaction on Wednesday is positive and is in keeping with the support at the 61.8% Fibonacci retracement level and the basic trendline. Momentum support is also improving and is pointing up. Unless all three of the above reverse in today’s session, the opportunity remains a valid one to seize.

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