Simple setup for short term...
TRADING STRATEGY: WEDGE BREAKOUT
...Behind a "simple setup" there is a long and hard work done with passion .... thanks for your support & your Likes!
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Trade with care!
The last time there was any official vote on Brexit back in June, 2016, you all know what happened. Fortunes were lost.....and made! Some people walked away with fistfuls of cash. Others just walked away. Which side will you be on?
Back in June, 2016 before the Brexit referendum, if you can recall, most everyone and his broker was probably telling you to BUY! ...
Carney's speech and UK CPI RS data on focus.
A bullish scenario as described on the chart.
Breaking below 128170 would invalidate the setup
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Have a nice trading day to all!
GBPUSD is already heading lower in anticipation of PM May losing the vote on her Brexit deal.
The key will be how badly PM May loses the vote...if she loses by a large majority, the chances of a no deal Brexit will be almost certain.
PM May might be forced to leave which will lead to further uncertainty for the GBP.
GBPUSD
Timeframe: 1D
Direction: Short
Confluences for Trade:
- Bearish candle formations
- Stochastic Overbought momentum
- Price action near resistance trendline
- Fundamentally, Brexit will be volatile. Will a weak vote push up the pound because it delays and may cause a second referendum? Or this will make UK's economy grow even weaker due to the constant ...
Technical chart and candlestick patterns of GBPUSD (cable): Shooting star patterns pop up at 1.2861 and 1.3755 levels on daily and monthly plotting respectively, consequently, the minor trend attempted to slide below DMAs, while the major downtrend has constantly been sliding below EMAs.
For now, although cable’s current price sentiments are attempting to build ...
Heavy selling earlier today, now as much as heavy retest to the broken trendline, could push the price even lower than today.
If we see a vote for no Brexit, it will fundamentally support this bias.
However, when trading during this kind of news events should be careful and approach with proper risk as always.
Amidst the Brexit mess, UK CPI will likely carry much less weight today.
We expect a disappointment and lower inflation, but we are skeptical
that there will be a news trade.
GBPUSD, often referred to as “The Cable”, a foreign exchange term used to describe the British pound vs the US dollar, is one of the oldest traded currency pairs. In July of 1866, after an earlier failed attempt, the first reliable exchange rate between the British pound and the US dollar was transmitted between the London and New York Exchanges. Optic fibre cables accompanied by satellites handle the Transatlantic communications today.
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