The British currency remains at the mercy of political attitudes associated with already fairly overexposed Brexit. The lack of progress in the negotiations is increasingly pushing traders on assumption of developments on the hard scenario, under which England, leaving the European Union, will not be able to maintain access to the European single market. Such an outcome would be a big blow for the British economy, the negative effects of which may exceed the events of the 2008 global financial crisis. During yesterday's trading the GBPUSD updated at least since the beginning of August, we ask to 1.2940.
Pressure on the pound rose after the British Prime Minister, Theresa May was booed at the Conservative Party conference. Such a reaction is further evidence of the difficulties faced by the prime minister in search of sufficient support for its plans, even if it manages to make a deal with the EU. Today, the behavior of the pair GBPUSD will depend on the scope of England services report which will be published at 11:30 GMT. Given that the service sector accounts for over 80% of economic growth, it should not be underestimated. In the case of the publication of disappointing data British currency will be under attack yet and weak statistics. The long-term goal for the pair GBPUSD remains at 1.25.
GBPUSD SellLimit 1.3060 SL 1.31 1.27 TP
Brent crude quotes during the trading session on Tuesday fell, retreating below the resistance of $ 85 per barrel. As is the case with the previous growth of such dynamics is difficult to relate to the local news background, which has remained unchanged for many weeks. Recall, the bullish rally of oil industry, seized upon by traders on Monday, was the result of market fears that the US sanctions against Iran will lead to a shortage of supply in the global economy. These fears intensified reports that the supply of oil by Iran September fell to 1.5 mln. Barrels per day to 2.3 million. In June. Further dynamics of oil will depend entirely on how quickly the market participants realize that the global supply due to the growth of oil production in the OPEC countries, Russia and the United States is not in danger. Just today, investors have the opportunity to assess the dynamics of production and stockpiling in the United States. An important release from the Energy Information Administration will be published at 17:30 GMT. Since refineries conduct seasonal maintenance, it can lead to an increase in oil inventories. Analysts polled by S & P Global Platts, expect the EIA reported an increase in stocks at 2.76 million. Barrels. If data expectations are met, the market will be the first significant fundamental driver for the reversal in oil prices. expect the EIA reported an increase in stocks at 2.76 million. barrels. If data expectations are met, the market will be the first significant fundamental driver for the reversal in oil prices. expect the EIA reported an increase in stocks at 2.76 million. barrels. If data expectations are met, the market will be the first significant fundamental driver for the reversal in oil prices.
UKOIL SellStop 83,70 TP 75,00 SL 84,50
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author of the idea trader analyst Artem AMarkets Deev.