Analyst
Bearish Preference: Sell position is envisaged if price trades below 48.12 with take profit at 47.23
Bullish Preference: Buy position is envisaged if price trades above 48.88 with take profit at 49.43
OPEC-JMMC Meetings All-Day
Comment: Reports from Energy Information Administration shows that production in the US rose and could continue as the price of crude oil becomes more favourable. The state of production in the US is complicating issues for OPEC+ as they will not want to provide the US with a head start in ramping up production. Joint Ministerial Monitoring Committee (JMMC) of OPEC will have their hands full considering all possibilities of their decisions today.
Bullish Preference: Buy position is envisaged if price trades above 139.913 with take profit at 140.180.
Bearish Preference: Sell position is envisaged if price trades below 139.513 with take profit at 139.260
Final Services PMI (GBP) 10:30 am
Comment: The pair saw an extension of downside around European midday when the Times reported that France and other hard-line countries are pushing for a no-deal Brexit if Britain will not make concessions. This notwithstanding, most analysts still suspect a deal will be reached given how strongly it is in the interest of both the EU and UK not to deal further damage to their COVID-19 stricken economies.
Bullish Preference: Buy position is envisaged if price trades above 29992 with take profit at 30135.
Bearish Preference: Sell position is envisaged if price trades below 29733 with take profit at 29594.
Unemployment Claims (USD) 2:30 PM
Final Services PMI (USD) 3:45 PM
ISM Services PMI (USD) 4:00 PM
Comment: Investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report. Republicans and Democrats in Congress remained unable to agree on fresh relief for a pandemic-hit U.S. economy, although some investors said bad economic news could spur policymakers to push harder for a deal.
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