Voting Brexit is in this week,a big week to sterling, deciding the destiny of Britain. It's likely that May will lose the voting again and postponing Brexit is naturally to no-deal Brexit. Sterling is suppressed by this huge uncertainty and strong resistance at 1.3035. There's existing arguments that the correction is temperate and the down trend is continue. Further decline should be seen to 1.2950 and 1.2900, the 78.6% retracement
of 1.3215 to 1.2775. However, any news adding the probability of postponing Brexit will surge Sterling. Upside, though, break of 1.3035 will turn focus back to 1.3130 resistance instead.
The target is 1.2900.
Turning point: 1.3035.
Under 1.3035, bearish
, target price is set at 1.2950, then 1.2900.
Above 1.3035, bullish
, target price is 1.3070,then 1.3130.
Even if we can't rule out the possibility of continuous adjustment, its time should be limited.
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