GBPUSD is approaching our first resistance at 1.3238 (horizontal overlap resistance, 61.8% extension, 61.8% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1.3105 (61.8% fibonaccci retracement).
Stochastic is also approaching resistance where we might see a corresponding drop in price.
Trading...
Possible long position for GBPUSD. Simple trend line bounce occurring. Small stop loss just under the trend line in the case of trend line being broken. Price has remained above the 200 EMA thus indicating a long bias. USD expected to drop a little bit therefore GBP expected to fly.
The EU offering a very short unconditional extension of the Brexit deadline as expected with the possibility of an extension till 22nd May if the House of Commons pass the WA before that. If the House of Commons rejects PM MAY’s deal, the UK will either leave on 12th April or need to come up with an alternative way forward for the EU Council to consider...
Bloomberg: Short Delay
Deep breath. It looks like the EU will give the U.K. a two-week delay to the exit date to allow Theresa May to get the situation sorted out and avoid crashing out of the bloc with no agreement, which would incidentally probably look a little like this. Those jitters are clobbering the pound and a petition to revoke Article 50 has comfortably...
Stop losses on breakeven. Also seems we may see 4th wave (blue). Moreover, trendline still is not broken, therefore, i recommend to put stop loss on breakeven to secure your equity. If we will break the trendline, then we may see 5th wave (blue).
Identified a fibonaci confluence at the 0.618 retracement of the third.
Selling at this point with a stop loss at the invalidation level of the ending of the first wave.
Target is at 1.618 extension of the 3rd, as the 3rd acheived a 1.618 extension of the 1st.
Validation level at break of the third, where we will have a huge increase in selling pressure.
What...
Traders are now aware of the April 12th deadline and that it will be extended into May if Parliament passes Prime Minister May's deal she made with the EU earlier in the month. However, the last deal she presented to Parliament lost by a staggering 150 votes. That's quite a bit to make up in 20 days. And what traders are probably not pricing in yet is the...
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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