Week Ahead: Brexit: This Is Not A Drill - FX Markets Drivers & Views (based on the article)
GBP/USD H4: ranging within narrow levels after bearish breakdown. The price broke 100 SMA/200 SMA level to be reversed to the bearish area of the chart, and it was started to be ranging within the following narrow s/r levels:
If D1 price will break 1.3229
support level on close bar so the bearish trend will be continuing.If D1 price will break 1.3911
resistance level on close bar from below to above so the local uptrend
as the bear market rally within the bearish market condition will be
started.If D1 price will break 1.4335
resistance level on close bar so the bullish reversal of the daily
price movement will be started with the secondary ranging condition.If not so the price will be on ranging within the levels.
Realization of Brexit is a Potential Nightmare for the Euro (based on the article)
"Volatility in markets and the uncertainty
around the long-term viability of the EU will likely put a small but
noticeable chill on economic activity, which conveniently gives the
European Central Bank cover to ease further, something the Euro-Zone
desperately needs. Overnight Index Swaps markets have dragged forward
expectations for a rate cut by September 2016 (62%), suggesting that
markets feel liquidity assistance will be necessary as uncertainty
persists (there are signs of funding pressures increasing). Anticipation
of ECB action could weigh against the Euro, as it has done consistently
over the past five years."
Daily price broke 100 SMA/200 SMA on Friday for the bearish market condition. New Monday's candle was opened below 100 SMA/200 SMA reversal in the primary bearish area of the chart. RSI indicator is estimating the bearish condition, and symmetric triangle pattern was crossed by the price to below for the bearish trend to be continuing with 1.0911 nearest target.
After - Crude Oil Aims in Opposite Directions After Brexit (adapted from the article)
Brent Crude Oil, D1:
After - Gold Prices Aims in Opposite Directions After Brexit (adapted from the article)
GOLD (XAU/USD), D1:
Britain’s finance minister George Osborne says UK ready to face future from position of strength (based on the article)
By the way, Goldman Sachs and Bank of America cut sterling forecasts, and FTSE 250 poised for worst 2-day drop since 2008 crisis.
The weekly price was already located below Ichimoku cloud in the bearish area of the chart, so the recent bearish breakdown is the good situation for the traders who opened the sell positiona for example: price will continuing with the bearish trend in case the support level at 1.3227 is going to be broken to below on close weekly bar.
Long term situation for GBP/USD month price: bearish. The support level at 1.3227 is the key level for the long-term bearish trend to be continuing.
The situation: watch 1.3227 support level to be broken to below for weekly/monthly price on close bar to have the idea about the future of GBP/USD: the long-term bearish to be continuing or the price will be on ranging bearish for 2016 and 2017 for example.
Crude Oil Price Forecast: Brexit - daily correction to be started with 43.30 as a daily bearish reversal target (adapted on the article)
D1 price is on ranging market condition within the primary bullish area of the chart: price is located above 100 SMA/200 SMA area for 46.92 support level to be broken to below for the secondary correction to be started with 43.30 bearish reversal target.
Intra-Day Fundamentals: EU Parliament to Vote on Resolution on U.K. Referendum
2016-06-28 08:00 GMT | [EUR - EU Parliament to Vote on Resolution on U.K. Referendum]
[EUR - EU Parliament to Vote on Resolution on U.K. Referendum] = MEPs will meet on in Brussels for an extraordinary
plenary session at 10:00. Parliament's political group leaders will
discuss the consequences of the UK vote with Commission President
Jean-Claude Juncker and a representative of the Dutch Presidency of the
Council. They will vote on a non-binding resolution to feed
into Wednesday's meeting of 27 EU heads of state and government on the
same topic. Parliament will have to approve any withdrawal agreement with the UK as
well as any agreement on a new relationship between the EU and the UK.
"European Union lawmakers are meeting in emergency session to discuss
the U.K.'s unprecedented vote to leave the EU, set to call for Britain
to trigger the exit process immediately. A non-binding draft resolution drawn up for Tuesday's session says
the process should be launched once Prime Minister David Cameron
notifies the outcome of the British referendum to EU leaders. Cameron is to share his views about the referendum and perhaps Britain's future at a summit in Brussels on Tuesday afternoon. He has signaled that Britain might not trigger the exit clause known as Article 50 until October. EU nations acknowledge the political chaos in the U.K. but they want
Article 50 triggered as soon as possible to calm markets and reassure
EUR/USD M5: 19 pips price movement by EU Parliament to Vote on Resolution on U.K. Referendum news event
GBP/USD M5: 68 pips price movement by EU Parliament to Vote on Resolution on U.K. Referendum news event
Intra-Day Fundamentals: U.S. Gross Domestic Product
2016-06-28 12:30 GMT | [USD - GDP]
if actual > forecast (or previous one) = good for currency (for USD in our case)
[USD - GDP] = Annualized change in the inflation-adjusted value of all goods and services produced by the economy.
EUR/USD M5: 9 pips range price movement by U.S. Gross Domestic Product news event
GBP/USD M5: 27 pips range price movement by U.S. Gross Domestic Product news event
SILVER (XAG/USD) Intra-Day Technical Analysis - correctional ranging to 200 SMA bearish reversal area (adapted from the article)
is located above SMA with period 200 in the bullish area of the chart:
If the price will break 17.99 resistance level so the primary bullish trend will be continuing.If price will break 17.50 support so the bearish reversal of the intra-day price movement will be started with 17.06 target.If not so the price will be ranging within the levels.
Goldman Sachs forecasts UK recession in 2017 (based on the article)