GBPUSD Brexit Report Part 2: Long Opportunity
UK PM Theresa May signaled she had fewer options available for a fresh deal, which in turn means less alteration to her recently rejected the proposal. Market players may concentrate on how the UK members of parliament (MPs) can agree over delaying Article 50 deadline today.
According to Bloomberg; Theresa May is still fighting for her Brexit deal, with a third attempt to get it through Parliament likely next week. Uncertainty remains. Hence, uncertainties prevail about how the UK policymakers can get a deal through in a few weeks or months that they couldn’t do in recent years.
May’s warning of a long postponement — which is included in the wording of the motion for debate on Thursday — is a tactic aimed at persuading pro-Brexit Conservatives and their allies in Northern Ireland’s Democratic Unionist Party to back a deal before it’s too late.
A long delay would potentially clear a path for a second referendum, which could overturn the result of the first.
Technically, after a day rally, GBPUSD retraced and testing 1.32200 support. Cable is currently trading at 1.32400 above the neckline.
We stick on our latest forecast published on Sunday:
Delayed Brexit: ( Probability 99.8 % ) Our trade plan is to buy and add Long at the closing above 1.32200 targeting 1.34500 and 1.37000 with a stop loss below 1.30100. Second Referendum Scenario: Targets 1.4000-1.45000.
Note: This is a long-term trade idea / forecast for investors.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
GBPUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility