Cable continues to look to Brexit for direction. The pound rallied on the reports that the UK PM May is considering a plan to delay Brexit.
Positive headlines in the Brexit negotiations are expected to be supportive of the continuation of the uptrend.
Cable is printing a huge inverted Head And Shoulders pattern on the daily chart.
1.32000 neckline is important.
Breakout of the neckline could carry the price 1.34500 and 1.36000. We may see a sharp bullish rally if the EU approves May’s plan.
We will update.
In this case, our midterm trade setup will be as follows:
GBPUSD Long @ 1.3200 Stop : 1.31000 Targets : 1.33100 1.33800 1.34500 1.36000
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