ForecastsForex NewsGBPUSD ForecastGBPUSD Technical AnalysisNewsTechnical Analysis

GBPUSD Overview: Brexit optimisim keeps the Cable above 1.31000

GBPUSD Overivew: Brexit optimisim keeps Cable above 1.31000

Triggered by the Brexit optimism and more hawkish BoE, the GBPUSD is continuing to hold just above the 1.3100 key technical level.

On the Daily Chart, the pair is above the Ichimoku Cloud – Buy Zone – and EMA 50.

On the H4 Chart, the pair retreated  from 1.31800 MM 8/8 Ultimate Resistance- Extremely Overbought level but holding above the MM 7/8 Stall-Reverse Level at 1.31200.Technical indicators have corrected from extreme readings, but lost downward strength, now consolidating in overbought territory.

Intraday Key Levels:

Upside: 1.31800 ( MM 8/8 ) and 1.32445 ( MM +1/8 Overshoot )  The bullish pressure will remain if the pair holds above 1.31200..

Downside: 1.30900 1.30600 ( Main Support of the fresh bullish trend ) 1.30200.

Brexit-related headlines kept coming, but the Irish border issue remains unsolved. Cabinet meetings are taking place almost daily in the UK, with a draft agreement that doesn’t include an Irish backstop plan, now on the table. It’s yet to be signed by local authorities, not to mention, submitted to the EU. The kingdom’s macroeconomic calendar has nothing to offer this Thursday.

FOMC minutes will be on focus.

Intraday Trade Opportuniy by the indicators:

Long GBPUSD at 1.31200 Stop Below 1.30600  Target 1 1.31500 Target 2: 1.31800

Subscribe to our services free of charge


Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.
Forex Signals




If you find our content useful, you can donate via PayPal.

Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

You can contact us via Skype User Name: Chartreaderpro

DISCLAIMER: This is a technical analysis study, not an 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.




Show More

Related Articles

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.