Market Insights 8th January

Simon Alagbe

Analyst

Instrument: GBPUSD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged with take profit at 1.31749

Alternative scenario: Sell position is envisaged if price trades below 1.31296  with take profit at 1.30615.

Fundamentals:

ADP Non-Farm Employment Change (USD) 2:15pm

President Trump Speaks (USD) Tentative

Comment: GBP recovered slightly today after political tensions pushed the pair down yesterday; the major momentum for this recovery came after Iran targeted US bases in Iraq and retaliated earlier today which weakened the US dollar, hence, GBP pushed higher. A bullish move is envisaged until President Trump Speaks later today.



Instrument: DE.30

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged with take profit at 13209.9

Alternative scenario: Sell position is envisaged if price trades below 13110.5  with take profit at 13025.4

Fundamentals:

No major economic data

Comment:  Investors have been wary of the situation between the U.S and Iran, hence, global stocks have been reacting to any update that comes from the aforementioned. Presently, we see DE30 recovering from the gap down after news of Iran bombing a US base around 1 am today. A full recovery is expected pending when the US president speaks later today.

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