GBPUSD H4 Chart Technical Overview
Cable bulls are looking for positive Brexit news as there is no major British statistics are up for release today.
During early Thursday, news reports concerning the senior conservatives removing immediate question-marks on the PM May’s position were on the wire.
Adding to the Pound’s positive outlook could be Sky News signalling that PM May could put forward Brexit deal for a vote in the parliament sometime during next week.
Even if recent positive news from the UK seems to help the pair, traders are still to confront the US data.
On the H4 Chart, a bullish butterfly is being printed. The area of the entry 1.29000 – 1.28780. Stop Loss 1.28600. Targets of the pattern are 1.29200, 1.29400 and 1.29700.
However, on the smaller charts, a bearish flag pattern is emerging.
Entry 1.28700 and the structural target of the pattern is 1.28300.
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