GBPUSD Forecast and Technical Analysis Dec 11th
GBPUSD dropped +200 pips yesterday as Theresa May called off this week’s Parliamentary vote. This adds an element of chaos to an already uncertain situation.
The most important question at this point is how aggressive sellers might remain to be. GBP traders have shown a general distaste for uncertainty around Brexit, and that appears to be the scenario sitting in front of market participants at the moment. With Theresa May unable to gain Parliamentary approval, there are a series of potential scenarios including a new Prime Minister, another referendum on EU membership or perhaps even a No-Deal Brexit.
On the other hand, some market participants believe that there may be a bullish case for Cable in the event of a new pro-Brexit Prime Minister taking over.
All GBP pairs are driven by the Brexit headlines and any macroeconomic data is not able to give a direction to the pair.
1.25000 is the most critical support. If GBP bears breaks the support , 1.23500 can be seen soon.
The pair is trading at 1.25600 as of writing. On the downside, 1.25120 and 1.24510 will be the targest of the GBP Bears.
If the pair makes firm H1 closing above 1.25800, we can see the bulls pulling the cable towards 1.26300.
If you are going to trade GBP pairs nowadays, you must pay attention to risk management more than ever.
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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.