 Good morning and welcome to the CMC Marcus chart of the week video with me David Madden Today's date is Thursday the 14th of March 2019 and the time has just gone 1110 GMT this week's chart of the week is Euro sterling Euro versus the British Pound and Putting aside the politics for one second if you just take a look at the chart We can see what the price action has been doing for the last over months We can clearly see here that Euro sterling has been in a nice downward trend since December 2018 a nice series of lower lows and lower sorry lower lows and lower highs and a fact that the lower low That you reached yesterday was the lowest level of Euro sterling has been since May 2017 so to give an indication of how weak the Euro is versus the British Pound The trend is clearly in a downward trend and if just say if we do continue to see the recent downward trend Continue we could be looking at heading on towards 80 zero spot 84 Which is this region here? We can see that the 84 area zero spot 84 region did militia act as support back in early 2017 So it's a possibility that region might act support again in the near term If you do though see a bit of a bounce back in the Euro versus the British Pound We could see resistance coming to play in around the zero spot 86 area It's a big psychological number, but more importantly zero spot 86 will be roughly the region where this trend line comes into play and if you draw a line between the highs of January 20th of January would also the highs of February and March we get this trend line along here and we can see here that has been well respected on a couple of occasions and If that makes it more likely to respect it again in the near term should we see and move to the upside? So keep an eye out for the zero spot 86 area But if you do see the market trade above that Resistance might be found in at this region here zero spot 86 66 we can see that that is an area that provided both support and resistance recently and making it more likely that it Will do so again in the near term if it do you manage to break above zero spot 86 66 that area we could find some resistance been found in around the zero spot 88 region We can see that on a few occasions in January in February Early February and mid February that is zero spot 88 region did managed It's a better consolidation so that region could be important in the near term Looking at the politics of the situation last night in Westminster MPs may have voted against I know deal Brexit now There's no guarantee that I know deal Brexit won't happen just because they voted against it They've just politically shown their hand They've made a clear message to Brussels that they don't want a no-deal scenario So we don't so as a sands the UK is set to leave the EU on the 29th of March And the current arrangement is for a no-deal but MPs last night made it clear they don't want a no-deal so the vote tonight at 1700 GMT 7 p.m. UK time There's going to be a vote on extending article 50 now if the FMP is to vote to extend article 50 That would have to be approved by Brussels What we've seen in recent weeks and months any signs of an extension or even a possibility of a node of No Brexit happening whatsoever any of those signs where they've been potentially on the table We have seen British pound advance and put pressure on the euro So keep your if you are trading euro starting, please keep an eye out for the politics That will be in play later on in later on this afternoon And if you are trading the euro versus the British pound, please keep an eye out for the euro's all inflation numbers Which are up here to do off tomorrow at 10 a.m. GMT Finally if any comments to make on this video or any of the other videos we've made here at CMC markets Please feel free to leave review on cookies and that's all for me this week. Thank you very much