Daily Report October 23rd 2018: Brexit Delays Hit Pound

The British pound remains the poorest performer on talk of a delay to the Brexit transition period. The GBP/USD is off by o.79% on the week to date. Meanwhile, the GBP/JPY is breaking support around 146.00, while the EUR/GBP is pulling back after stretching higher to 0.8850 yesterday.

The AUD/USD is struggling at the lows, with follow on selling towards the 0.7050 level. The AUD/JPY is lower for the second straight day, testing the 79.50 level.

The euro is also falling in the face of dollar strength (and Trump belligerence), with the EUR/USD slipping to 1.1450 the support level with follow on selling this morning. The EUR/JPY is also slipping, with half of Friday’s gains now erased.

The USD/CAD is unchanged as the pair holds as the Canadian dollar recovers confidence. Meanwhile, the USD/CHF is staying close to the parity line around 1.000.

The US dollar index is pulling back after making big gains yesterday, with the USD/JPY erasing most of yesterday’s losses.

Coming up today

Today, wee have UK MPC member Haldane speaking at 11.30.

BOE governor Carney speaks at 16.20.

FOMC member Bostic speaks at 18.30.

Trade Idea

The euro continues to weaken while the dollar goes from strength to strength. Recent lows are a likely target, making a ONE TOUCH trade attractive.

October 23rd 2018: Brexit Delays Hit Pound

A good way to play this is a ONE TOUCH trade predicting that the EUR/USD will touch 1.1300 within 14 days for potential return of 176%.

October 23rd 2018: Brexit Delays Hit Pound

Open Trade

Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com. Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.

 

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