GBP - Cable...Yes, we do have further Brexit talks this week...!
Regarding Brexit we do have till 15th October - For further information, check Brexit schedule online..
Brexit has been an on going thing that really both sides don't agree on much at all. However, there is time to resolve although for a deal could be looking slim the further we approach the key date if we continue the same flow they've been going which could decrease GBP depending on the type of deal if negative or no deal at all.
Daily Time frame - Technical aspects:
- Pattern, within a longer term channel
- Pattern, smaller rising wedge within channel
- Fib Retracement - We could decline near support area of channel = 1.31300 areas ..Although I have my eye on 0.618 = 200 EMA 1.27/1.26 areas (That's if we do come out of this bullish channel...!
- Fib Retracement - We could even go towards support areas of this channel 1.31300 areas then further rise towards 261.8, which measured the wedge formation towards the length of those areas and good resistance area of the channel as well. However, keep in mind that is a large move heading towards 1.40 if we do go towards those areas. For further confirmation, if the bulls get in control we could need to retest the 1.35 areas closing above.
On Thursday, we have the ECB meeting regarding policy matters and various other topics as we are aware Feds have shifted the market towards a dovish view and ECB does not like higher monetary price it will be interesting how they approach this meeting and what kind of outlook will be given, which could shift the major pairs, that might be perhaps easier to trade....but most importantly do keep an eye on EUR we could either go back towards 1.19 or 1.1750-1.16 areas, and if there is no change 1.19-1.20.
Key Tip: Don't rush to trade, add further confirmation towards your plan...!
All the best & have a successful week of trading.
Remember: just a trade idea, not a recommendation.
Trade Journal.
Regarding Brexit we do have till 15th October - For further information, check Brexit schedule online..
Brexit has been an on going thing that really both sides don't agree on much at all. However, there is time to resolve although for a deal could be looking slim the further we approach the key date if we continue the same flow they've been going which could decrease GBP depending on the type of deal if negative or no deal at all.
Daily Time frame - Technical aspects:
- Pattern, within a longer term channel
- Pattern, smaller rising wedge within channel
- Fib Retracement - We could decline near support area of channel = 1.31300 areas ..Although I have my eye on 0.618 = 200 EMA 1.27/1.26 areas (That's if we do come out of this bullish channel...!
- Fib Retracement - We could even go towards support areas of this channel 1.31300 areas then further rise towards 261.8, which measured the wedge formation towards the length of those areas and good resistance area of the channel as well. However, keep in mind that is a large move heading towards 1.40 if we do go towards those areas. For further confirmation, if the bulls get in control we could need to retest the 1.35 areas closing above.
On Thursday, we have the ECB meeting regarding policy matters and various other topics as we are aware Feds have shifted the market towards a dovish view and ECB does not like higher monetary price it will be interesting how they approach this meeting and what kind of outlook will be given, which could shift the major pairs, that might be perhaps easier to trade....but most importantly do keep an eye on EUR we could either go back towards 1.19 or 1.1750-1.16 areas, and if there is no change 1.19-1.20.
Key Tip: Don't rush to trade, add further confirmation towards your plan...!
All the best & have a successful week of trading.
Remember: just a trade idea, not a recommendation.
Trade Journal.
Comment:
Pound may decline further due to Brexit deadline, perhaps negative interest rates and further lock down as covid cases rise.