Skip to content Skip to footer

Tradeview Marketview (Week Commencing December 16th 2019)

Tradeview Marketview (Week Commencing December 16th 2019)

Market Overview

The week started of with expectations for it to be one of the most volatile this year, and it certainly lived up to the billing. The UK General Elections stole the attention of most in the markets, with huge swings from GBP and the FTSE on the news that Boris Johnson won a landslide majority in the polls. GBPUSD went as high as $1.35, before the technicals took charge with the markets retreating on the downside and settling at $1.33.

In other news we saw FOMC and the ECB both keep rates unchanged. Further talks of US/China trade deals being struck saw the SP500 reach record highs, with Gold continuing to consolidate at the $1460 – $1478 range.

Market Preview

This coming week, essentially the last week before the holidays will see markets begin to slow as traders get ready for the holiday season. That said it will be interesting to pay attention to the following story lines as we head into 2020. Firstly post the election, how will GBP react to the rallies we saw, will selloffs begin to take place as the markets realize the huge debate on how to get a Brexit deal done still looms, or will these new highs be where the pound decides to reside. We have several key numbers coming from the UK, with Carney also speaking after the interest rate decision is made.

Economic Data View

  • Tuesday:GBP BOE’s Carney Speaks at Coeure’s Farewell Dinner
  • Wednesday: GBP Consumer Price Index (YoY) (NOV)
  • Thursday: GBP Bank of England Bank Rate (DEC 19)
    See more

Technical view

GBPUSD – Daily Chart

As somewhat expected, the victory by Boris and the Conservatives, would send GBPUSD
towards the long-term resistance of $1.35. This scenario took place, and the resistance was duly held as the markets encountered the overbought level on the weekly charts. Now with that event in the past, this coming week’s Super Thursday from the BOE, where interest rates, amongst other key economic indicators are to be unravelled will provide further insight into the future direction here. Traditionally we have seen bears take charge at a similar level in the past, the question for this week will be essentially will history repeat itself?


SP500 – Daily Chart

“How many times have they said the trade deal is finally agreed”. This was one of the quotes here at Tradeview this week, as another announcement of Trump getting a deal done was announced. Like on the previous occasions we did see rally, with the US markets reaching new highs as a result. Now the markets have reached another hurdle, as the RSi shows us back at the point of being overbought.The Moving averages of 10 , 25 and 50 day all also still positioned for a potential drop. Like the previous occasions, if the news turns out to be unfounded, or essentially played down by China as in the past, we may see the recent gains soon fade, and sellers enter the fold.


CrudeOil – Daily Chart

The Aramco IPO finally reached the valuation the Saudi’s expected as we saw markets reach the $2bn value. As a result, crude oil broke clear of the $58 resistance it entered the week in, going as high as $60. However, in this run, markets reentered the areas of consolidation they have been accustomed to, with the RSI level of 60, which has seen volumes stutter, once again was reached. Bulls may be peering above this level in hopes of a breakout and more sustained runs towards $60 per barrel, however the momentum of moving averages have been long positioned for a downward cross, could this new $59 hold the selling volume required to see this happen, or will the long-term ascending triangle continue?


Charts analysed and narrated by Eliman Dambell –

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.