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Abstract:Recently, the sterling suffered a sharp loss in the wake of the fact that the UK-EU trade talks are teetering on the brink of collapse. It comes because the UK is preparing to legislate to deal freely with Northern Ireland's freight under the expectation that a trade deal with the EU is beyond reach. Once it succeeds, products from Northern Ireland will have unfettered access to the UK's market without any customs declarations as the UK has the power to decide which goods are subject to EU tariffs, but the EU's subsidies involving Northern Irish firms may not be active.
Recently, the sterling suffered a sharp loss in the wake of the fact that the UK-EU trade talks are teetering on the brink of collapse. It comes because the UK is preparing to legislate to deal freely with Northern Ireland's freight under the expectation that a trade deal with the EU is beyond reach. Once it succeeds, products from Northern Ireland will have unfettered access to the UK's market without any customs declarations as the UK has the power to decide which goods are subject to EU tariffs, but the EU's subsidies involving Northern Irish firms may not be active.
However, the above term is a breach of last year's Brexit deal, in which it was agreed that Northern Ireland would remain aligned to EU customs rules to avoid a hard border on Ireland. This was an important concession of the UK at that time, and the largest difference between the two parties was thus resolved. But now, the EU is likely to take legal actions over the UK's breakdown of the deal since an angry backlash has been provoked by Johnson, the British Prime Minister, who simply overrode the achieved deal after anticipating a failed negotiation.
Over the past few months, the sterling has been gaining although there was no progress made in trade negotiations. The stalemate over the talks surprisingly sparked a rise in the sterling both because of the weak greenback and the expectation of financial markets on further negotiation. This time, however, the U.S. dollar has reclaimed its strength and the talks shall most probably break down.
Currently, financial markets are worried about not only the Brexit with no trade deal, but last year's Brexit deal would all be overridden. That is, not just a trade deal is beyond reach, but a clean break from Europe is even possible, which will lead to a sustained sell-off of the sterling. Although there is a chance for US stocks to bounce back and again hamper the DXY, traders seem extremely worried that the UK would eventually adopt such hard Brexit. Thus at this stage, the sterling is not only out of momentum in the rebound, but may even struggle in panic selling. Unless a UK-EU agreement is achieved dramatically, the sterling is almost certain to be thrust into a vulnerable position.
[About The Author]
Since 1987, Jasper Lo has been engaged in the financial industry
(forex, futures and gold) for more than 32 years and holds forex R.O.,
securities and futures broker licenses. Mr Lo is an expert in trading
forex, precious metals and commodity futures and an basic and technical
analyst.
Over the years, Mr Lo won many individual and team sales champion
awards, as well as outstanding employee awards. He was invited, as a
guest mentor, to the University of Hong Kong, Guangdong Ocean University
and Guangzhou Jinan University. And he was also appointed as the chief
training consultant by Hantang Securities and Dongguan Securities in
China.
Mr Los experience as guest of honor invited by media including Chinese and English newspapers and columnist:
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-Guest of honor invited by Now Finance Channel - Forex Reports
-Guest of honor invited by i-CABLE Finance Info Channel - Forex Opportunities
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-Columnist of Finance and Forex Market of Ming Pao
-Presenter of Finance and Forex Forecast of Ming Pao
-Presenter of Investment 36 Stratagem and Technical Analysis in 1 Min of Ming Bao Finance
-Appointed lecturer of Ming Pao Investment Seminar and Paid Course
-Author of the best seller Investment 36 Stratagem
-Columnist of Forex Expert, Forex Analyst, Marathon Weekly of ET Net
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Market Fighting, Guangdong-Hong Kong Finance, Finances Power, Market
Analysis
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-Columnist of Capital Commodities of Capital Weekly
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There is a good strong buy setup portending for this pair as market participants seem bullish on a slow motion soaring euro and somehow ease back measures and slow recovery of some of the Euro block members.
WikiFX| Daily F.X. Analysis, Sept 15 |Arslan Ali Butt-KOL
XAU/USD is traded higher at $1,966 level versus $1,962 yesterday’s high and it seems poised to approach the $2,000 psychological level soon if the USD depreciates further against its rivals.
The currency pair that you are looking at is at its all-time high. You are unsure if you should go Long right now. This pair has been exceeding expectations for some months now. Your peers have made their share and you don’t want to be left out. But you are afraid. These 2 chart patterns are extremely helpful in warning you of an upcoming reversal, allowing you to make money. They are the rounding bottom and rounding top chart patterns.