Technical Analysis

Support and Resistance for December 12 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1480 1.2680 114.80 0.7305 24740 1252.50
Resistance 2 1.1420 1.2640 114.40 0.7280 24700 1250.00
Resistance 1 1.1340 1.2605 113.80 0.7240 24650 1247.50
Market 1.1328 1.2545 113.47
0.7210 24600 1244.00
Support 1 1.1305 1.2520 112.70 0.7170 24540 1242.50
Support 2 1.1280 1.2480 112.20 0.7140 24500 1240.00
Support 3 1.1240 1.2440 111.50 0.7100 24450 1237.50
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Market Review for December 12 , 2018

MPs in British Prime Minister Theresa May’s Conservative Party on Wednesday triggered a confidence vote in her leadership after Britain’s planned divorce from the European Union was plunged into chaos.

With less than four months left until the United Kingdom is due to exit on March 29, the world’s fifth largest economy was tipping towards crisis, opening up the prospect of a disorderly no deal divorce or a reversal of Brexit through a referendum.

Graham Brady, the chairman of the party’s so-called 1922 committee, said the threshold of 15 percent of the parliamentary Conservative Party seeking a confidence vote had been reached.

“The threshold of 15 percent of the parliamentary party seeking a vote of confidence in the leader of the Conservative Party has been exceeded,” Brady said, adding that he had told May of that development on Tuesday night by telephone.

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Support and Resistance for December 11 2018 - US Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1520 1.2680 114.40 0.7305 24840 1255.00
Resistance 2 1.1480 1.2640 113.80 0.7280 24800 1252.50
Resistance 1 1.1420 1.2605 113.40 0.7240 24750 1250.00
Market 1.1365 1.2570 113.20
0.7216 24700 1246.50
Support 1 1.1340 1.2520 112.70 0.7170 24640 1245.00
Support 2 1.1280 1.2480 112.20 0.7140 24600 1242.50
Support 3 1.1240 1.2440 111.50 0.7100 24550 1240.00
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Support and Resistance for December 11 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1520 1.2680 114.40 0.7305 24500 1255.00
Resistance 2 1.1480 1.2640 113.80 0.7280 24450 1252.50
Resistance 1 1.1420 1.2605 113.40 0.7240 24400 1250.00
Market 1.1372 1.2577 113.05
0.7195 24385 1247.50
Support 1 1.1340 1.2520 112.70 0.7170 24300 1245.00
Support 2 1.1280 1.2575 112.20 0.7140 24240 1242.50
Support 3 1.1240 1.2520 111.50 0.7100 24200 1240.00
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Market Review for December 11 , 2018

May pulls the plug on tomorrow’s vote and the Pound goes through the sink hole, sliding to 18-month lows. 

Economic data out of the UK this morning failed to impress, but of greater significance was the harsh reality of what lies ahead for British Prime Minister Theresa May, the Brexiteers and really, the face of British politics that was once within the higher echelons of the G20.

Unsurprisingly, with an overwhelming majority going against the British PM ahead of tomorrow’s vote, there was an unprecedented decision to call off a parliamentary vote on the future of Britain.

Going into December, the general concern was that the EU and Britain would fail to find common ground, but in the end the EU Establishment was the least of Theresa May’s concern. Rebels within the Tory Party and the opposition were set and ready to bring down the house.

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