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Traders and investors began to quickly get rid of the British pound, even though the data released on the UK economy did not differ much from the expectations of economists.
It is all due to the fact that the British Prime Minister Theresa May convened an emergency meeting of the government. Immediately rumors spread that May may withdraw the vote on the Brexit agreement, which is scheduled for tomorrow. This will be done in order to prevent defeat as a result of this vote. Losing this issue is likely to put an end to her future political career, which will force May to resign.
Let me remind you that today the 4th day is coming to an end when the European Agreement on Brexit is being discussed in the British Parliament, and tomorrow, December 11, a vote will be held on it.
The data that came out on the economy did not hurt the pound much, although it indicated a slowdown in GDP growth.
According to the report, the UK economy in October this year grew by only 0.1% compared with the previous month and compared with October last year, by 1.5%. The data fully coincided with the forecasts of economists.
The trade deficit in October rose to 11.9 billion pounds, while the September deficit was revised upwards to 10.7 billion pounds. All these data indicate a slowdown in the growth of the British economy amid Brexit-related political uncertainties.
According to the report, industrial production in October fell by 0.6% compared with September, while economists expected it to decline only by 0.2%. Production in the UK manufacturing industry also declined in October amid weak demand for cars.
According to the National Bureau of Statistics of the United Kingdom, in October 2018, production in the country's manufacturing industry decreased by 0.9% compared with October.
As for the technical picture of the GBP / USD currency pair, the worse news related to Brexit will be, the faster the large levels of support will break through. At the moment, the pound is holding a further area of 1.2650 from further falling, a breakthrough of which will lead to a further sale with the updating of monthly minimums in the areas of 1.2610 and 1.2530. Buyers urgently need a return on resistance of 1.2700, on which it will depend on whether the pound will remain in the side channel or continue its further decline along the trend.
The euro fell slightly after the update of the next highs against the background of a weak report, which showed that the positive balance of foreign trade in Germany in October of this year was reduced due to a sharp increase in imports, observed since September of this year.
According to the Federal Bureau of Statistics of Germany, the current account surplus of the balance of payments fell to 17.3 billion euros in October against 17.7 billion euros in September. Economists had expected a surplus in October of 18.1 billion euros. Meanwhile, exports of goods in October increased by only 0.7% compared with the previous month, while imports increased immediately by 1.3%.
Despite this, as noted in the statistics bureau, domestic demand will continue to support the largest economy in Europe.
As for the technical picture of the EUR / USD pair, only a break of 1.1450 resistance will lead to a new wave of strengthening risky assets, with the renewal of weekly highs around 1.1480 and 1.1410. In the case of a downward correction, the lower limit of the new ascending channel is viewed within the support ranges of 1.1380 and 1.1360.
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