The pair is trading lower ahead of EU summit, however the downside seems limited to 1.2800 level. All eyes on Brexit headlines, there are important issues still remain unsolved.
The pair is holding around 1.2800 level despite the EU leaders agree UK’s Brexit deal at the summit which take Brexit one step ahead.
GBP/Usd seems picked up a bit, but still not showing any strong reaction from the Brexit deal. The pair is expected to continue trading within the range for now, immediate resistance is at 1.2850 and on the downside support can be seen at 1.2795.
The sideways consolidation continues and the pair likely won’t break out below that support before the fundamentals this week.
I personally think there is a really strong case here to either respect the current channel or trade off a break and retest dependent on what this week brings. On the upshot the entry doesn’t have to be immediate and confirmation can clearly be seen on the 4H chart. This as close to a text book retrace as we’re going to get in GBP pair. Also look how the 60SMA on the 4H chart is simulating dynamic resistance.
Last week I taught you what drawdown was, and now this week it’s channels? We should have our own thread for your own benefit.
Straight through your Buy Stop into DD… Oh, I 've got it… Like the UK… the GBP is all over the place…
Stay at this long enough and you will make some money…
I have no idea what you’re talking about TWB, which is quite often the case recently. Also, if you read the above posts you’ll see that I was not in a position, and therefore have no DD. Reading previous posts first would be a good place to start to avoid confusion?
The break of the channel has taken place which means a retest of the channels support is now in play. Personally I’d wait for solid evidence before entering this potential short, but all in all it looks good and the 1.2830 is a strong PA level from the week commencing 12/11/2010
Pounds remain to continue under pressure before the UK parliament passes the Brexit deal, I’m expecting further downside towards 1.2700 level.
Agree, that’s where I expect it to go maybe even test the 1.2680 levels, fear and uncertainty…
IG Sentiment: 75% Traders Long… 25% Traders Short…= Payday…
The pair finally broke out below 1.2800 and it will probably continue moving to the downside towards 1.2700.
Seems those who were short term long traders made a decent call…pretty obvious retrace before a move to the downside lower perhaps?
True in a long term sense whoever is getting cable for cheap will definitely reap the rewards if the Brexit dealings go without a hitch. It’s which of side of the island to stick on is the question?
True, however they are now voting on the possibility of reversing Brexit entirely…looks like we have a third option in the mix…
- Deal
- No Deal
- Remain (with a vote of course)
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Yes which is just ramping up market uncertainty. How I’m trying to look/analyze the dealing is by a few factors…
-GBP(is the dealing favorable for them as far as trading with partners outside of Europe?)
-Is it an ECONOMICALLY sound decision for GBP more importantly?
-What are CONS if they deal can’t go through/if it has to be revised?
The problem is with so much buzzing and chatter it’s hard for you to truly narrow down the majority sentiment on this Brexit plan.
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Agreed - it’s just a mess, we were always going to get ‘last minute’ curve balls thrown into the mix - but being told before parliament vote on the brexit deal that we could actually reverse article 50 is just…well… it’s going to move GBP for sure.
You’re right. It’s simply a catastrophe going on & both sides have to obviously appease the public by claiming this will be a financially stable transition. While the latter of us know it’s not looking like it’ll be that easy of a feat to pull. What are your thoughts on it honestly?
My thoughts - my money is on reversing article 50, if the ruling allows it of course.
If the general public catch wind of it being an actual possibility, regardless of May paying no attention to it, then it will have to go to a vote due to the insane pressure that will come about. The problem I guess is that when we first voted to stay/leave no one knew what the consequences were. Now, years later, we can see the consequences are not fruitful. The apparent sentiment from the general public now is to remain, should they vote right now at this moment.