ZarNegar
Short

£ Signal for a long time frame

FX:GBPUSD   British Pound / U.S. Dollar
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17
770 3

Sell stop 1.2600
Stop loss 1.3230
Take profit 1.0950
Time in mid-2019
Good luck
GBP is getting increasingly volatile as we can see at on the one-month GBPUSD implied volatility (vol) at 14.0%, relative to say AUDUSD and EURUSD vol at 9.34% and 7.57% respectively. As we can see on the daily chart , a 413-point move takes us into the top of the multi-month range, as well as the 38.2% Fibo of the April to August sell-off. As volatility is naturally directionally agnostic, so a 413-point move could take us through the lower esculents of the range at 1.2600, which you have identified as your sell stop, and potentially into 1.2200 as well.

Currently, the prospect of Theresa May being removed from power has diminished for now, and that has supported GBP.

Fundamentally, we are having a bearish bias towards 1.2200 where we could possibly see the exhaustion of bears and bulls taking over.

Please take a look at our idea and let us know what you think.
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ZarNegar Pepperstone
@Pepperstone, excellent
Now what do you think?
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ZarNegar Pepperstone
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