After losing a Brexit-related vote in the House of Commons this week last night at a dinner for EU leaders she garnered a round of applause from the heads of state. Suggestions are that this was kicked off by Angela Merkel and, as some say, when she claps the question then is: how loudly should I join in? Jean-Claude Junker added, ‘we are not only trying to be, but we are polite and friendly people’.
A report published today by TheCityUK confirms that Britain has again retained its position as top dog for financial services exports, beating its nearest rivals the US and Switzerland combined. In 2016 the trade surplus in financial and related professional service was £69 billion, it’s global number 1 in FX with 37 per cent market share, 16 per cent of cross-border bank lending, plus 6 per cent of insurance premium income, not forgetting that it has the largest legal services sector in Europe.
DAX 30
Stuck in its little rut with the commodity channel index clearly pointing down.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Peaking again at some arbitrary level with a bearish engulfing candle.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
By just pausing for breath it is no longer overbought, underlining just how extreme the RSI had become.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Momentum has yet to turn bullish despite the bounce from the 50 per cent retracement support level and the top of what had been triangle consolidation.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Trying to base around the 50 per cent retracement support area but making quite a meal of it.
SHORT TERM TRADER: Long at 1.1825; stop below 1.1700. Target 1.1940.
POSITION TAKER: Square.
GOLD
Despite this week’s bounce momentum remains bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1249; stop above 1270. First target 1215, and 1200.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.
