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The IX GBP sentiment index gives a 66% bullish reading as the British government is set to come up with amended proposal next week.
The pound surged to two-month high as markets expect the government would eventually work out a softer Brexit plan with their back now against the wall. Labour said they would back a permanent customs union with the block and their leader Corbyn expressed his willingness to explore options including another referendum. Needless to say the pound is now surfing on hopes that Brexit will probably be delayed.
On the technical side, GBPUSD has broken above the 1.2930 daily resistance level. The price has met resistance at the psychological level of 1.3. On the 4h chart, 1.2830 is a key support level to monitor.
The sentiment-price correlation chart shows investors’ mood in the positive territory. Daily news sentiment is moving higher and in 60% of the last 10 occurrences price has risen within 9 days.
The IX Commodities sentiment index gives a 60% bullish reading after a report showed OPEC production fell sharply in December.
The OPEC stated in its monthly report that output was reduced by 751,000 barrels per day last month to 31.58 million bpd, the biggest month-on-month drop in two years. The organisation’s effort to tackle the supply gut has started the year strong and helped ease fear of over-supply. On the demand side, signs of progress in the Sino-US trade before a high-level talk this month have provided support to the price.
On the technical side, WTI is making another attempt at the 53.2 daily resistance. A break above could trigger a rally towards 54.4. On the downside, 50.4 is a key support level to keep the upward momentum.
On the asset sentiment matrix, traders’ bullish opinions are strong at 58%, further confirming the optimistic view expressed above.
The IX Indices index gives a 64% bullish reading after reports of de-escalation in the long-standing trade dispute.
Equity markets got a shot of adrenaline on Thursday after the Wall Street Journal reported that US Treasury Secretary Steven Mnuchin expressed options to lift some or all tariffs on Chinese goods during the next round of negotiation with Chinese Vice Premier Liu He, scheduled for the end of the month. Though this idea has not been confirmed, the market stays optimistic about a potential deal on the table soon.
On the technical side, DJ 30 is climbing towards the daily resistance of 24800. 24700 is the immediate target on the 4h chart. On the downside, 24040 is a key support level for bulls to hold.
The sentiment-price correlation chart shows investors’ mood in the positive territory. Daily news sentiment is moving higher and in 70% of the last 10 occurrences price has risen within 3 days.
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