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GBPUSD H4 Chart Technical Overview

GBPUSD H4 Chart Technical Overview

Fundamentals:

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.

Technically:

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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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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