I have read that the Labour Party would vote for a second Brexit referendum. I am not sure wether that is bullish or bearish for the sterling. The market is one moody bugger who changes its mind so much. One day, this kind of news would be bullish for sterling, one day it becomes bearish. However, this fresh news (about potential second referendum now that no deals have been strucked with months before deadline) creates more uncertainty, and any uncertainty potentially negative for the Sterling.
Technically, GBPUSD have reached and exceeded its monthly range projection (high), as always, I will always shift my mid-term bias into a "retracement mode". Coincidentally, price reacted bearishly and formed Bearish Engulfing Candle on the Daily TF. I have made an extension projection based on this to a 61.8% extension. I am zooming in to Hour One timeframe and look for a short opportunity and target the weekly range projection low (almost = to the Daily 61.8% extension)
Technically, GBPUSD have reached and exceeded its monthly range projection (high), as always, I will always shift my mid-term bias into a "retracement mode". Coincidentally, price reacted bearishly and formed Bearish Engulfing Candle on the Daily TF. I have made an extension projection based on this to a 61.8% extension. I am zooming in to Hour One timeframe and look for a short opportunity and target the weekly range projection low (almost = to the Daily 61.8% extension)
Trade closed: target reached