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Brexit treaty agreed, but will it pass?


Last week, UK and EU officials agreed a DRAFT text setting out the terms for post-Brexit relations.

Over the weekend, EU leaders and UK PM May agreed to a 585-page treaty. This treaty also has to pass a Commons vote which will likely be held before the next EU summit on 13-14 December.

This vote has a low likelihood of passing by quarters who think PM May gave away too much, and by some who think they can get a better deal from the EU.

GBPUSD is now off from highs after taking out buy stops above 1.2870 from late last week. It’s below the well-established 1.2815 pivot and will likely test 1.2785 and then 1.2750 dollars.

EURUSD was ranging tightly around 1.1410 in thin Thanksgiving Day volumes. But Eurozone factory and services PMIs released last Friday were weaker than expected and this took the euro down to test 1.1325 dollars.

We don’t have a bias to suggest but watch out for orders building again around 1.1380 on the top side, and around supports at 1.1290 and 1.1235 dollars.

Aussie is still treading water, ranging between 72.35-72.70. Watch out for 71.80 support and 73.25 resistance even though we don’t have enough order book information for those historical levels yet.

USDJPY was trying to make 113.40 last week and may finally make it today.

Have a good Monday. #TradeAtYourOwnRisk with us at #Mocaz and #RealTraderCommunity.


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