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GBPUSD: Cable is ready to take off

  • Potential Brexit Delay gives power to GBP Bulls.
  • Theresa May said that she would focus on making a deal with EU support for lawmakers.
  • May will hold talks with political parties in Ireland to address their concerns about the “backstop”, but that the relevant articles of the Agreement, which provides peace in Ireland, will not be rewritten.
  • For investors fearing the global economic slowdown to hit the European Union member states first, the UK economy and its currency may become an easy opportunity.

 

GBPUSD DAILY CHART

Technically:

Cable broke out the falling wedge on the Daily Chart and testing the MA200 resistance at 1.30900.

Longer Term Overview:

1.28900 is the critical support. The bullish move will continue as long as the pair holds above 1.28900. 

Breakout of 1.39000 resistance will change the game completely.  – See the monthly chart –

Midterm Overview:

Although uncertainties remain in relation to Brexit, GBPUSD keeps the bullish momentum

Daily closings above 1.30200 will carry the price

1.3173

1.3290

and the target of the formation 1.34500.

What to pay attention:

Brexit uncertainty and No deal Brexit are still on the table. Daily closings below 1.289000 would send the pair 1.24000.

The first key resistance is 1.30900. If cable ends the week above 1.30900, we can talk about midterm bullish continuation.

Intraday Overview:

Cable is trading at 1.30640 as of writing. Break below will send the pair 1.30300 ( MM 7/8 Weak, Stall Reverse on H1 ) and 1.30000 ( MM 6/8 Major Support H1 )

On the upside 1.30900 and 1.31200 and 1.31600 will be the intraday targets of the bulls.

Latest harmonic readings indicating a pullback towards 1.30300 and 1.30100 ( Stop Loss above 1.30800 )

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

GBPUSD 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

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