GBPUSD Technical Overview and Key Levels
Yesterday, we have entered a short trade and we reached our target levels.
We have a “heavy data” data day ahead.
Theresa May is making a desperate push to get her Brexit deal approved in Parliament to avoid a huge delay to Britain’s divorce from the EU, even though she’s facing what seem to be impossible odds. British members of Parliament, who have twice rejected May’s deal, will be asked to approve the Withdrawal Agreement in a vote Friday, House Leader Andrea Leadsom said. But the British prime minister has so far failed to win over enough of her allies to support the deal. If May can’t get her deal through Friday, the EU says Britain will have to choose between leaving with no deal on April 12 and a long delay that would require it to take part in European Parliament elections.
While monthly reading of the UK GfK consumer confidence survey provided initial support to the Cable by posting higher than -14 forecast figure to -13 mark, speculations that the soft Brexit is still on the card helped the quote stretch its recovery afterwards. However, investors turned sceptic ahead of the key events like the fourth quarter (Q4) gross domestic product (GDP) and Brexit parliament vote. Not to forget that the US also has some second-tier data like personal income, spending, new home sales and Chicago purchasing managers’ index (PMI) to release.
The US 10-year Treasury bond yield recovers from its 15-month low of 2.35% to 2.40% but is still second lowest during the week.
The UK Q4 2018 GDP is less likely to deviate from 0.2% initial forecast whereas the US personal income and spending could print 0.3% growth for both personal income and spending during the February month. Further, Chicago PMI may soften to 61.0 from 64.7 for March while new home sales bear the market consensus of +0.620 million increase during February versus +0.607 million prior.
As seen on the H1 Chart, Cable completed a Bullish Cypher pattern at 1.30600. The targets of the pattern are 1.30900, 1.31200. / Stop Loss below 1.30500.
However, the upside is capped by the SMA 200 H4 Chart.
On the H4 chart, we can see that Cable is printing a rising wedge pattern. The break below the wedge ( 1.30200) could send the pair 1.3000 and 1.29400.
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