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GBPUSD Forecast And Key Levels

GBPUSD Forecast And Key Levels

Bloomberg: Britain’s Parliament approved a cross-party bill to block a no-deal Brexit by a single vote, after a lengthy late-night debate in London. The pound rose. Brexiteers no longer have the option of a no-deal exit to fight for. So they are left backing Prime Minister Theresa May, and whatever she comes up with in talks with Corbyn, or facing a potentially long extension of EU membership. Earlier, May and her arch-adversary Jeremy Corbyn agreed to put aside their political differences and work together to try to resolve the Brexit crisis. The U.K. premier and the leader of the main opposition Labour Party have agreed to appoint negotiating teams and to draw up a plan of further work, which will continue with discussions on Thursday.

UK Construction PMI and U.S Jobless Claims data will be in focus today

As seen on the H4  chart, Cable is trading at 1.31710  above EMA 50 and SMA 200 on H4 Chart.

Intraday Bearish Scenario: A bearish Gartley pattern has been completed at 1.31940. Targets of the pattern reside at 1.31200 followed by 1.30900 and 1.30600. The pattern would be invalidated by the breakout of 1.32000.

Intraday bullish scenario: Breakout of 1.32000would trigger the triangle pattern.  The long opportunity would appear at the breakout of 1.32000. Targets 1.32400, 1.33000 and 1.33400.

Update: We take partial profit and move SL to entry. Next target as mentioned above 1.30900 and 1.30600

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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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