12/03/19 Brexit Vote Trading

Chart analysis for GBP/USD key levels prior to the 12/03/19. These levels should be used as Support & Resistance levels in relation to the reaction.

Update will follow the vote later.

Comment:

There was a quick touch on the hourly support again just before the vote took place. A buy here resulted in 64 pip profit.

I am now bullish on this pair as I expect that the free vote tomorrow will show a strong majority against leaving with no deal and subsequent actions will probably be for May to revoke Article 50, sending GBPUSD skyrocketing to reach at least YTD highs or even higher as the prospect of remain becomes much more possible.

Trade closed: target reached:

I have manually closed my bullish trade with 81 pip profit. I took this view with the possibility of high volatility later this evening with another parliament vote due.

My bullish bias still remains however and I will look for a re-entry into GBPUSD if we get a retracement back to 1.31600 with a 60 pip target of 1.32400