GBPUSD Outlook Neutral; might resume minor uptrend.
GBPUSD has closed above the 100D EMA. So, technically, it might resume it's uptrend again. I have highlighted the critical levels in my chart.
However, the fundamental picture remains murky.
Intense post-Brexit trade negotiations will begin shortly between the EU and UK, which might not be a piece of good news for the Pound.
Even if the uptrend resumes, GBPUSD will face plenty of hurdles. So, buyers have to be very careful.
I still believe in selling the rallies as the best way to trade GBPUSD.
In my opinion, price might actually consolidate in the 1.2900-1.3040 range and the downtrend might resume again from March.
However, the fundamental picture remains murky.
Intense post-Brexit trade negotiations will begin shortly between the EU and UK, which might not be a piece of good news for the Pound.
Even if the uptrend resumes, GBPUSD will face plenty of hurdles. So, buyers have to be very careful.
I still believe in selling the rallies as the best way to trade GBPUSD.
In my opinion, price might actually consolidate in the 1.2900-1.3040 range and the downtrend might resume again from March.
Comment:
As I mentioned on Sunday, GBP did a minor upwards movement towards 1.3040 and now it has given up all the gains
