GBP/USD Brexit UPDATE *Until Article 50 is Triggered*
Good Morning, Afternoon and Evening Traders
A week later from my post "Sterling heading for 1.21 level?", the cable has yet again pushed into the very low levels after UK Prime Minister Theresa May stated last week that triggering article 50 would mean the UK not having access to the single market. This wasn't great news for the cable at all, and consequently pushed the cable into eyebrow raising levels, previously seen in the October flash crash.
What now?
1.21 appears to be the cables key support/resistance level, so that is most definitely a zone to look out for. The blue sloping trend-line has been broken, which I had mentioned If was broken would indicate further selling pressure into the 1.20 level. I am also looking for potentially a retest of the sloping support trend-line, as price action may have a short-term rally and then fall away back into the 1.20/1.19 level. I'm still remaining short in this market, and i will keep you all updated on any changes.
Any questions or additional thoughts you want to add, feel more than free to comment below! More updates coming soon, Ike Okeke.
A week later from my post "Sterling heading for 1.21 level?", the cable has yet again pushed into the very low levels after UK Prime Minister Theresa May stated last week that triggering article 50 would mean the UK not having access to the single market. This wasn't great news for the cable at all, and consequently pushed the cable into eyebrow raising levels, previously seen in the October flash crash.
What now?
1.21 appears to be the cables key support/resistance level, so that is most definitely a zone to look out for. The blue sloping trend-line has been broken, which I had mentioned If was broken would indicate further selling pressure into the 1.20 level. I am also looking for potentially a retest of the sloping support trend-line, as price action may have a short-term rally and then fall away back into the 1.20/1.19 level. I'm still remaining short in this market, and i will keep you all updated on any changes.
Any questions or additional thoughts you want to add, feel more than free to comment below! More updates coming soon, Ike Okeke.
