- The British pound is awaiting clarification on Brexit negotiations ahead of the UK's exit from the EU in March 2019 as the negotiations are complicated by a lack of consensus within the UK. - The US dollar fell against other major currencies due to weak economic data and gains in the euro and yen. Turkey's lira also declined sharply. - The report provides daily charts and trading recommendations for the GBP/USD and EUR/USD currency pairs, with technical analysis of support and resistance levels.

1. 20-Aug-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Dollar in Doldrums as Euro Eyes Weekly Gain
Forex - GBP: Difficult to see a stronger pound without Brexit clarification
Forex - Turkey's lira falls 3 percent, Trump won't take pastor's detention 'sitting down'
GBP/USD
“Get ready for the Brexit end-game, which takes place in Q4, as the EU and the UK must strike a deal ahead of the
formal exit date on 29 March 2019, as both sides need time for ratification. The negotiations are complicated
because there is no majority for anything in the UK. Roughly 50% want to remain within the EU while the 50% that
want to leave the EU are divided between those who want a soft exit and a hard one. The Conservative Party
conference from 30 September-3 October is a key event in this regard.” “We still expect the most likely outcome to
be a ‘decent Brexit’, where we get a deal keeping the UK close to the EU, in particular on goods trading, although
leaving the EU single market. That said, the likelihood of a ‘no deal Brexit’ has increased following the departure of
prominent Brexiteers from the cabinet.”
EUR/USD
The dollar fell against its rivals Friday, pressured by weak U.S. economic data and a bounce in the euro and yen.
The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by
0.31% to 96.158. The University of Michigan said its consumer sentiment index in August fell to 95.3, down from
97.9 in July. That was the lowest level in 11 months and did little to encourage traders to back the dollar. The
greenback was also pressured by uptick in safe-haven yen, as fears of contagion resumed after the lira turned
bearish, falling about 5%. USD/JPY fell 0.45% to Y110.41. Fresh selling emerged in the USD/TRY as market
participants were not impressed by Turkey's central bank efforts to limit foreign investors from betting against its
embattled domestic currency. Turkey took measures to limit the amount of currency-swap transactions, a movethat
analysts said would curb foreign investment flows into the country as it limits investors' ability to offset the risk of
plummeting lira.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.2652
Resistance: 1.2790
RECOMMENDATION:
BUY GBPUSD ABOVE 1.2760 TGT 1.2780 1.2610 SL 1.2730
SELL GBPUSD BELOW 1.2700 TGT 1.2680 1.2650 SL 1.2730

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1298
Resistance: 1.1450
RECOMMENDATION:
BUY EURUSD ABOVE 1.1450 TGT 1.1470 1.1500 SL 1.1420
SELL EURUSD BELOW 1.1420 TGT 1.1400 1.1370 SL 1.1450

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