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28.02.2019 08:54 AM
Trading plan for 02/28/2019

Emotions and belief in the best push the pound to new heights. Theresa May did not have time to announce the date of the vote on the Brexit postponement in the House of Commons, as Angela Merkel said that if the United Kingdom really needs more time, then the European Union will certainly meet the UK. The unfading hope that Brexit will eventually go well for London is the only reason for the growth of the pound. Although for two years the parties have not moved a step on the most important issue - trade. Even if Brexit itself is postponed to 2021, taking into account the results of past negotiations, nothing will change. After all, representatives of the European Union are already tired of repeating that the UK will not receive any other version of the agreement. What is the best that the United Kingdom can count on? And when the realization of this simple truth reaches all market participants, a tough collision with reality will happen. But so far the fraudulent mood of Frau Chancellor gives traders optimism

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Of course, the rebound suggests itself, but today we are unlikely to see it. European and British politicians have already made the most important statements, and we should not expect anything new from them yet. So the statistics come into play, which everyone ignored yesterday because production orders in the United States grew by 0.1%. Today, preliminary data on the United States GDP for the fourth quarter are published, and, as expected, they will show that economic growth has slowed from 3.4% to 2.3%. Such a sharp slowdown in GDP growth, especially against the background of recent statements by Donald Trump that the American economy is now in its best condition over the past few decades, can produce a rather strong effect. Naturally, negative. True, the pound has nowhere to grow, as it is seriously overbought. At the same time, the single European currency, which yesterday even slightly deviated from the reached maximums, has good potential for further growth.

After reaching the level of 1.1400, the euro/dollar currency pair managed to slow down the upward trend, and as a result - a logical pullback to the previously passed cluster of 1.1370. Probably assume amplitude fluctuations in the framework of 1.1370 / 1.1400.

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The currency pair pound/dollar on emotions managed to jump right up to the level of 1.3348, where it slowed down at the level of 1.3300. It is likely to assume that the quote will form a kind of amplitude fluctuation along the level of 1.3300, with a range of 50-70 points.

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Mark Bom,
Analytical expert of InstaForex
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