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GBPUSD Forecast: What’s next after a better day for the PM

GBPUSD Forecast: What’s next after a better day for the PM

  • Conclusion: Parliament sends PM to back to Brussels to get a “better” withdrawal deal.
  • The result is that in the coming days the Prime Minister will be seeking a “significant and legally binding change” on the Northern Ireland backstop that would prevent the UK being tied indefinitely to EU rules.
  • The results of the votes broadly show that Parliament has a majority against a No-Deal Brexit, but no majority for any concrete plan to reach a deal to stop crashing out, though for once her Conservative Party was mostly united in a series of Brexit decisions.
  • FOMC statement is the key event of the day.

Technical Overview:

In our latest forecast, we have mentioned that Cable could make a correction towards 1.30600. 

Intraday Traders may try short at 1.32 – 1.3220 targeting 1.31500, 1.3100 and 1.30670. Stop Loss above 1.32500.

This setup reached its targets.

GBPUSD is trading at 1.30900 as of writing and struggling to stay above 1.30600.

Bearish Scenario: A break below 1.30600 would carry the pair 1.30000 and 1.29300. Before a clear breakout of 1.30600, we can not talk about the short term trend reversal from bullish to bearish.

 

GBPUSD H4 WHITE SWAN

1.29300 it the key support for Cable. As seen on the above chart, a bullish white swan pattern is being printed.

The midterm the bullish trend will remain as long as the pair holds above 1.29300. The target of the pair is 1.33000 and 1.34500.

FOMC and Friday’s NFP data will help the traders to determine the fresh nearterm  direction of the pair.

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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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