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Main » 2019 » February » 6 » Trading Ideas traders 06 .02.2019
11:59
Trading Ideas traders 06 .02.2019

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As expected, the pound against the dollar during the trading session on Tuesday was unable to hold above 1.30. As a result, the GBPUSD has successfully tested this support, updating the multi-week low at 1.2923. The reason for the sales of the British currency in addition to the continuing uncertainty Brexit made weak statistics on activity in the UK services. According to published reports, PMI Markit / CIPS UK Services PMI in the past month fell to 50.1, a little before reaching the critical level of 50.0. The value in January was the lowest in two and a half years and the second weak from December 2012. 

 

 

AMarkets

 

 

Respondents attributed the slowdown in business activity growth with increased political uncertainty, which could not be resolved at the beginning of 2019. Service providers report that the main problems associated with Brexit, run into the decline in demand from consumers who prefer to refrain from large expenses in a foggy economic future of the United Kingdom. This proves the fact that the opening of a new business in January fell for the first time in two and a half years. Two days will be important for the upcoming future course of negotiations on Brexit. On Thursday, British Prime Minister Theresa May is to visit Brussels for talks with European Commission President Jean-Claude Juncker. The main topics of discussion will be "bekstop", as well as alternative ways to ensure that no "hard" with Ireland border. Today Juncker also expected to meet with Prime Minister of Ireland, which will discuss the preparations for the likely scenario Brexit without a deal. Against this background, we recommend to hold short positions in the GBPUSD.


GBPUSD SellLimit 1,3020 TP 1 , 28 SL 1,3070


Despite all attempts to "bull" to pull Brent crude (UKOIL) above $ 64 per barrel, local initiative is still retained by the sellers. Brent consolidation in a narrow range of $ 60-62 per barrel, continued in December, indicates the absence in the market of powerful fundamental triggers. Probably market participants are waiting for the denouement trade dispute between the US and China, has long been a key reason for the constant talk about the prospects of a global economic slowdown has a direct impact on the demand for raw materials. Trade between the countries of the truce expires in March, and then in the United States and China is only one month to resolve any differences and sign a bilateral trade agreement. Otherwise, fear for the future growth of the world economy will doom the oil market in the long-term decline. Until then, we recommend working with a local news background. Today at 18:30 Moscow time will be published in the official data on US oil inventories change. According to forecasts, the Energy Information Administration reported a decline in oil reserves, which is fully in line with expectations, typical for the period of seasonal refinery maintenance. In this scenario, oil quotes are quite capable to renew the old growth. An additional factor supporting prices can act and a weak dollar. We remind that the decline in the US currency has a positive effect on raw materials whose value is denominated in dollars. Taking this into account, "long" position on the oil look more promising. Energy Information Administration report on the reduction of oil, which fully meets the expectations, the characteristic period of seasonal refinery maintenance. In this scenario, oil quotes are quite capable to renew the old growth. An additional factor supporting prices can act and a weak dollar. We remind that the decline in the US currency has a positive effect on raw materials whose value is denominated in dollars. Taking this into account, "long" position on the oil look more promising. Energy Information Administration report on the reduction of oil, which fully meets the expectations, the characteristic period of seasonal refinery maintenance. In this scenario, oil quotes are quite capable to renew the old growth. An additional factor supporting prices can act and a weak dollar. We remind that the decline in the US currency has a positive effect on raw materials whose value is denominated in dollars. Taking this into account, "long" position on the oil look more promising. that the decline of the US currency has a positive effect on raw materials whose value is denominated in dollars. Taking this into account, "long" position on the oil look more promising. that the decline of the US currency has a positive effect on raw materials whose value is denominated in dollars. Taking this into account, "long" position on the oil look more promising.


UKOIL BuyStop TP 62.10 S 65.50 61.50


Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev AMarkets.

 

 

 

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