Another blow for PM Boris Johnson - UK Supreme Court 'unlawful'!
Ever since parliament started aggressively fighting back against a No-deal Brexit, the British Pound has been on a rise. Optimism, that the UK won’t crash out of the EU without a divorce deal brought the price to the highest level in two months at 1.25820 on September 20th.
On a 4HTF, the peak created at 1.25820 looks like the head on a head and shoulders pattern, pointing towards the end of the Bullish spree.
In the latest Brexit developments, today, the UK Supreme Court ruled PM Johnson’s move to prorogue parliament was indeed unlawful. The UK Supreme Court’s decision was unanimous and the Supreme Court’s president, Lady Hale, stated “The effect on the fundamentals of our democracy was extreme,” adding, “The decision to advise Her Majesty to prorogue Parliament was unlawful because it had the effect of frustrating or preventing the ability of Parliament to carry out its constitutional functions without reasonable justification.”
As a result, the British Pound rose but, even after worse than expected US CB Consumer Confidence, the price could not break resistance at 1.25032.
We’ll have to continue to monitor the situations from the UK, Euro Zone and the United States to determine further price movement. The price is currently located between very strong resistance at 1.25032 and very strong support at 1.24254.
Tomorrow at 17:00, the US will have a release on New Home Sales and Crude Oil Inventories at 17:30 GMT +3.
If GBPUSD Bulls break resistance at 1.25032, our targets up will become further resistance at 1.25583, followed by the created max. at 1.25820. After that we have July support turned resistance at 1.26468.
If the Bulls have run out of steam and GBPUSD Bears move below the 23.6% Fibo level and break support at 1.24254, our targets down will become 38.2% Fibo at 1.23437, followed by 50% Fibo at 1.22702 and then 61.8% Fibo at 1.21966.
On a 4HTF, the peak created at 1.25820 looks like the head on a head and shoulders pattern, pointing towards the end of the Bullish spree.
In the latest Brexit developments, today, the UK Supreme Court ruled PM Johnson’s move to prorogue parliament was indeed unlawful. The UK Supreme Court’s decision was unanimous and the Supreme Court’s president, Lady Hale, stated “The effect on the fundamentals of our democracy was extreme,” adding, “The decision to advise Her Majesty to prorogue Parliament was unlawful because it had the effect of frustrating or preventing the ability of Parliament to carry out its constitutional functions without reasonable justification.”
As a result, the British Pound rose but, even after worse than expected US CB Consumer Confidence, the price could not break resistance at 1.25032.
We’ll have to continue to monitor the situations from the UK, Euro Zone and the United States to determine further price movement. The price is currently located between very strong resistance at 1.25032 and very strong support at 1.24254.
Tomorrow at 17:00, the US will have a release on New Home Sales and Crude Oil Inventories at 17:30 GMT +3.
If GBPUSD Bulls break resistance at 1.25032, our targets up will become further resistance at 1.25583, followed by the created max. at 1.25820. After that we have July support turned resistance at 1.26468.
If the Bulls have run out of steam and GBPUSD Bears move below the 23.6% Fibo level and break support at 1.24254, our targets down will become 38.2% Fibo at 1.23437, followed by 50% Fibo at 1.22702 and then 61.8% Fibo at 1.21966.