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The GBP is set to gap lower on the open this weekend as Boris Johnson’s Brexit deal was overturned by lawmakers who voted 322 to 306 in favor of an amendment forcing the Prime Minister to ask the EU for an extension to Brexit. This was the likely scenario out of the weekend as the opposition parties want to cause delay and frustration to force a general election. The GBP has been reported to gap significantly off this news with some brokers reporting a 200-pip gap lower.
In other news, the European central bank is set to announce it’s latest stance on monetary policy with the likelihood of interest rates remaining unchanged. This will largely be due to the current Brexit situation and the recent bout of strength in the Euro. The ECB have expressed recently the need to keep the Euro lower and will likely continue with a dovish tone.
The U.S. dollar was the biggest loser of the week alongside the Japanese Yen. The New Zealand Dollar continued to gain strength as expected which is likely to continue heading into this week.
The USD Index closed significantly bearish showing the USD weakness. We expect this bearish sentiment to continue as traders will look to sell the USD on any rallies. The start of the week may see prices climb higher as a relief to the recent drop.
EURUSD continues to break higher in line with the USD index, if the price was to retrace from here, we could expect the recent resistance of 1.1070 act as support for trend traders now the higher high has been confirmed.
GBPUSD will likely gap lower on the recent news of lawmakers voting against the latest Brexit deal forcing Prime Minister Boris Johnson to send a letter to the EU asking for an extension to the negotiations. If the EU agrees to delay Brexit we could see the GBP drop with uncertainty remaining in the market.
AUDUSD closed bullish for the week with the price likely to continue higher into the weekly swing highs of 0.6900. The minor support around 0.6800 will be an ideal area to look for further long opportunities.
NZDUSD has broken through the inverse head and shoulders neckline and will likely head towards the key highs of 0.6440. If the price can re-test the neckline support, we could see further long opportunities from here.
NZDJPY closed bullish for the week in line with the strength and weakness tables. The price is expected to continue into the previous swing lows of 70.29 where the weekly trend could continue. This gives opportunities to buyers with long opportunities in minor support areas.
Silver closed with another indecision candle at the key support level and with the USD likely to weaken further prices of the precious metal could move higher. Technically price is forming a bullish breakout pattern on the weekly timeframe and if the price breaks the trendline resistance the market will likely push higher into the swing highs.
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