British Prime Minister Boris Johnson said on Friday (16/10) that he would not seek a Brexit deal unless there was a fundamental change in approach from the European Union. Johnson said in a statement quoted by Reuters that unless there was a fundamental change in approach.

We will use the Australian solution, and we must do so with conviction, after negotiators failed to agree a deal ahead of the October 15 deadline. GBPUSD could move lower in the short term if markets are concerned about Prime Minister Johnson's statement at the weekend that he is prepared for a no-deal Brexit with the European Union.

As well as the BOE Governor's statement that the UK's economic growth is trending to the downside. However, the decline could be limited and could even reverse to the upside if the EU softens its stance amid comments from European Commission President Ursulan van der Leyden that the EU will continue to work towards a deal with the UK.

His comments came after EU leaders said on Thursday that they wanted talks to continue in the coming weeks. The EU believes there is still time to try to overcome differences between the two sides.

But the language used in the EU statement angered officials in London, after Brussels called on the UK "to take the necessary steps to make a deal possible." Talks between the UK and EU have been deadlocked on issues such as fisheries, competition rules and governance for months.

Economic data to be released today and this week's market review:

  1. Market participants' pessimism and party leaders' optimism in the US that discussions on the US Corona aid stimulus can be reached before the upcoming November 3 election have become the driving focus at the start of this week.
  2. The UK government's tug-of-war over Brexit discussions and the Eurozone's rebuke of the UK's Internal Market Bill, which is seen as violating the Brexit discussion discourse, also became the market's focus at the start of this week.
  3. Meanwhile, market players are also waiting for the Chinese economic data report at 09:00 WIB which has the potential to be a driver of the Hang Seng Index and the AUDUSD currency.
  4. Starting at 19:00 WIB to 22:45 WIB, a series of panel discussions and speeches from top officials of the US, Eurozone, and UK central banks could become the market focus for price movement opportunities in the evening.
  5. Don't miss the opportunity to move USDCAD with Wholesale Sales data at 19:30 WIB and the BOC Business Outlook Survey at 21:30 WIB.

Daily Pick

Today's prediction is on the AU pair (AUDUSD) which is expected to decline and the recommended OP is SELL at level 0.70750 with a profit target of 10 - 20 points and stop loss at 5-10 points:

  • SELL 0,70750
  • TP 1 = 0,70650
  • TP 2 = 0,70550
  • SL 1 = 0,70800
  • SL 2 = 0,70850

Always prioritize Money Management and Risk Management.

Visit GIC Indonesia to get information about the world of trading. You can also join us in the Telegram Community GIC Trade and Telegram Channel GIC Trade. Don't forget to check the Youtube account GIC Indonesia which is full of lots of information, and follow our Instagram account to get information about various interesting webinars that you can follow.