The Forex Zone – The Pound (GBP) soars on Brexit deal agreement


A new Brexit deal has seen the GB Pound surge once more against major currencies with GBPUSD nearly hitting 1.30, whilst the US Dollar stays broadly weak.

The Forex Zone highlights day trade ideas for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD: Intermediate-term bull shift above key 1.1110 (as flagged)

The Thursday surge through 1.1110 set an intermediate-term bull trend. This strong Thursday advance has built on the Tuesday’s dip and a rebound from just below our 1.1000 support level (from 1.0989), plus from the entire October advance, to keep risks higher for Friday.

For Today:

  • We see an upside bias for 1.1140; break here aims for 1.1164 and 1.1191, maybe 1.1229.
  • But below 1.1100 aims for 1.1063 and maybe opens risk down towards 1.1021

GBPUSD Erratic again, but bull forces intact

As on Wednesday an erratic session Thursday with a dip to hold this time at 1.2727 support then a rebound from new 1.2756 support, to then extend higher above 1.2878 and  1.2916 resistances close to the 1.3000 level (to 1.2990), to sustain upside forces from the earlier October surge through key 1.2582 swing resistance from September, to keep risks higher for Friday.

For Today:                                               

  • We see an upside bias for 1.2893; break here aims for 1.2943 and maybe 1.2990/3000 and even 1.3047.
  • But below 1.2756 opens risk down to 1.2654, maybe 1.2619.

USDCAD: Bear theme reinforced

A plunge lower Thursday through 1.316 support and into our 1.3129/22  area ( to 1.3127) to reinforce Wednesday’s roll lower from just below our 1.3240/50 resistances (from 1.3233), plus sustaining negative forces from the earlier October plunge through notable 1.3201/00 supports and the up trend line from July, to keep risks to the downside Friday.

For Today:

  • We see a downside bias for 1.3127/22; break here aims for 1.3101 and maybe towards 1.3036.
  • But above 1.3182 opens risk up to 1.3212.

AUDUSD: Bull theme

A surge higher Thursday through .6810 resistance, to build on Wednesday’s setback and strong Hammer candlestick rebound from above key .6708 support (from .6720), to sustain positive forces from the earlier October surge to probe through the key .6809 level and down trend line from July, to keep the bias higher for Friday.

For Today:                                                         

  • We see an upside bias for .6839; break here very aims for .6858 and possibly closer to .6895.
  • But below .6806 opens risk down to .6776.

NZDUSD: Intermediate-term bull shift

A Thursday surge above .6354 resistance, to switch the intermediate-term theme to bullish. Furthermore, this strong advance has built on Wednesday’s selloff and rebound from just below our .6255/52 support area (from .6238) from a positive Hammer/ Long-Legged Doji type candlestick, to keep the bias higher for Friday.

For Today:

  • We see an upside bias for .6376; break here aims for .6389, maybe .6411
  • But below .6318 opens risk down to .6284.

USDJPY: Upside risks, despite a dip

A small setback Thursday but whist above 108.37 we still see upside forces from Tuesday’s strong advance, sustaining upsides pressures from the earlier October bullish shift through the key 108.45/48 peaks, to keep the bias higher for Friday.

For Today:

  • We see an upside bias for 108.94 and 109.00/02; break here aims for key 109.32, maybe then towards 109.60/62.

But below 108.37 opens risk down to 108.0


Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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