ridethepig

Brexit weighting heavy on sterling.... again

Short
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
=> We haven't see the traditional ABC process and markets stopped short of the 'C' targets last week.
=> This is screaming early alerts that the market could not complete the leg in the abc and is very difficult for retailers to trade because of the wide range.
=> In terms of technical levels to track, the support at 1.288 (61.8% retrace). If this is a triangle formation then the base of the pattern is miles away at 1.270.
=> Eyeballing shorts at 1.333 (should we see it again) or below 1.266 as the break will be confirmed and past the point of no return. In the interim it is very difficult to trade from the middle of this wide range.
=> Keeping a very close eye on the politics from the UK this week as we may get that break below 1.266x in a quick sweep.....
=> All the best to those in cable or other sterling pairs

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