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The US Dollar gains on Monday supported by the adoption of the tax law by the US Senate. Nevertheless, the market is cautious. The Pound remains strong with hopes for progress in Brexit negation. On the stock market, it was red after the Friday's weak closing on Wall Street. Crude oil is growing in the USA.
On Monday 4th of December, the event calendar is light in important news releases, but market participants will keep an eye on Construction PMI data from the UK, Unemployment Change data from Spain and Sentix Investor Confidence data from the Eurozone. Later in the day, the last piece of data worth to watch is US Factory Orders release.
GBP/USD analysis for 04/12/2017:
The ongoing Brexit negotiations will be in focus today. The UK's Prime Minister Theresa May is set to have lunch with President of the European Commission Jean-Claude Juncker. During the weekend, despite intense efforts, Theresa May and the Irish government have failed to reach a deal on the crucial Brexit issue of the Northern Ireland border. "The Irish government remains hopeful – but at this stage, it is very difficult to make a prediction," said an official. May will meet Juncker with the UK's final offer on the three main issues in the first round of Brexit talks – the Irish border, citizens' rights and the financial settlement.
Let's now take a look at the GBP/USD technical picture at the H4 time frame. If the today's talk will be positive for the overall Brexit negotiations, Cable can appreciate further. So fat the price retraced 38% of the last internal swing up and it is bouncing from this level at .13424. The nearest technical resistance is at the level of 1.3550, but if violated, then the price might rally towards the swing highs at the level of 1.3657.
Market Snapshot: GOLD is bouncing from support
The price of Gold is bouncing from the technical support at the level of $1,269, but still can't go back to the channel again. The market conditions are oversold, so the price can stay in the zone between the levels of $1,269 - $1,280 for some time now.
Market Snapshot: USD/JPY close to 61% Fibo level
The price of USD/JPY is retracing the recent swing down and now is trading close to the 61% Fibo at the level of 113.25. The market conditions are already overbought, so this might be a good level for the price to reverse and continue with the downtrend.
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