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GBP wobbles over Brexit trade deal

Wall Street – Daily Candlesticks
Source: GKFX / MT4 (December 7, 2020)

WS30 has formed a triangle consolidation pattern on the 4 hour price chart and has so far made 2 false breaks to the topside. These triangles are usually continuation patterns but can be reversals too, where the confirmation is a break of the bottom rising trendline.


•    GBP/USD slides 1.5% but ends well off lows
•    UK Prime Minister Boris Johnson to travel to Brussels 
•    Gold rallies back over $1850 per oz, silver just short of $25
•    Dow falls while Nasdaq hits record high
•    Palantir stock flies 21% higher on report of FDA contract
•    DAY AHEAD: UK rolls out covid-19 vaccine, Brexit talks, Eurozone GDP data


Ambition is a lust that is never quenched, but grows more inflamed and madder by enjoyment. – Thomas Otway


*Daily closing price
↘ EUR/USD    1.2110        (-0.09%)
↘ GBP/USD    1.3374        (-0.31%)
↘ USD/JPY    104.34        (-0.15%)
↘ S&P 500    3691.96    (-0.19%)
↘ Hang Seng    26,506.85    (-1.23%)
↗ Gold        1866.30    (+1.43%)
↘ Oil (Brent)    48.63        (-0.86%)
↘ Bitcoin    19,137        (-2.79%)



GBP’s drop

GBP/USD trimmed its losses in the end after dropping 1.6% in its biggest one day fall in nearly 3 months. UK Prime Minister Boris Johnson and European commission President Ursula von der Leyen issued a joint statement saying that a deal was not possible at this stage but hopes were lifted by news that Boris will travel to Brussels later this week to try to thrash out a deal.  

Gold keeps going

Gold overcame a an important test of $1850 resistance, closing above $1860 per oz thanks in part to weakness in the dollar and dip-buying in the precious metal that has carried it higher 4 of the last 5 trading days. While stock markets are close to record highs, there is a rising uncertainty about the distribution timetable for covid vaccines following the news from Pfizer that it will cut its planned initial distribution by 50% because of supply chain issues.

Palantir pops

Palantir stock popped by over 20% on Monday amid reports of a possible deal with the FDA (US Food and Drug Administration). The deal is worth $44.4 million and Palantir’s data analytics will be used to help power drug reviews and inspections for the government agency. US government agencies make up over half of Palantir’s customer base.


*Times in GMT    
00:30    AUD    House Price Index (QoQ)(Q3)             -1 %    -1.8 %
06:45    CHF    Unemployment Rate s.a (MoM)(Nov)         3.4 %    3.3 %
10:00    EUR    Gross Domestic Product s.a. (QoQ)(Q3)         12.6 %    12.6 %
10:00    EUR    ZEW Survey – Economic Sentiment(Dec)     46    39