Analyst
Bearish Preference: Sell position is envisaged if price trades below 46.12 with take profit at 45.18
Bullish Preference: Buy position is envisaged if price trades above 46.77 with take profit at 47.53
No major economic data with a direct bearing on the pair
Comment: Black gold continued its recent recovery in the session yesterday as the hopes of a third COVID-19 virus buoyed hopes of a faster than expected economic recovery, which will further drive demand for the commodity. AstraZeneca announced its breakthrough on Monday of a vaccine that will be cheaper to make and easier to distribute compared to the earlier breakthroughs.
Bullish Preference: Buy position is envisaged if price trades above 1.33989 with take profit at 1.34276
Bearish Preference: Sell position is envisaged if price trades below 1.33252 with take profit at 1.33049
CB Consumer Confidence (US) 4PM
Comments: The pound is staying close to a near 12-week high against the dollar thanks to investor bets that the U.K. and the European Union will finally seal a Brexit trade deal soon. Negotiations between the two parties continue this week, racing to beat the end-of-year deadline for a deal.
Bullish Preference: Buy position is envisaged if price trades above 29850 with take profit at 29938.
Bearish Preference: Sell position is envisaged if price trades below 29716 with take profit at 29632.
USD CB Consumer Confidence 4 PM
Comments: U.S. private sector business activity rose sharply in November, as growth momentum picked up further. The overall expansion was the fastest for over five-and-a-half years, as both manufacturers and service providers indicated a steeper upturn in output. The Market prices have never in history traded above 30022 for the Dow, so it is a new horizon in the US shares markets.
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