GBPUSD Forecast and Technical Overview
Bloomberg: Short Delay
Deep breath. It looks like the EU will give the U.K. a two-week delay to the exit date to allow Theresa May to get the situation sorted out and avoid crashing out of the bloc with no agreement, which would incidentally probably look a little like this. Those jitters are clobbering the pound and a petition to revoke Article 50 has comfortably secured seven-figures of signatures. And EU leaders are apparently losing faith in May and comparing the process to Beckett. Oh, and more companies are triggering their Brexit plans too, according to the Bank of England.
Brexit is driving GBP pairs.
Cable recovered 140 pips from 1.30000.
On the smaller charts, bearish 5.0 continuation pattern is completed at 1.31500 -1.31600.
On the upside 1.31800 remains as strong resistance and is capped by SMA 100 EMA 50.
We like to wait and see a firm closing above 1.31800 to add long positions. Our targets will be 1.32200 and 1.33000 near term.
Current near-term overview of the pair is bearish and as mentioned above Bearish 5.0 Continuation pattern is completed. Area of the entry 1.3145-1.3160. Stop Loss of the short trades should be set above 1.31830 and targets of the pair 1.3122 and 1.3090.
Update: Shor trade reached the target. We take profit and wait for 1.30600.
Our long term bias is still bullish and our targets 1.34500 and 1.36000
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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