GBP balancing on a knife's edge
Hi everyone,
This is my opinion and idea of what could happen with GBPUSD going forward. Sure there's a lot of uncertainty with Brexit and the very recent no-confidence vote coming up later today(12 December).
As the chart shows, GBP finds itself at the neckline of a possible H&S pattern, just waiting for "something" to happen so it can fall one way or the other. Opinions suggest that should PM May win the vote tonight the Pound could rally higher. However, the opposite is also true, should she lose the vote we could expect to see the Pound drop past the neckline which could aim for a short-term support around 1.235, perhaps even lower longer-term when looking at the height of the H&S pattern mentioned.
As mentioned earlier, the UK is such a mess at the moment with Brexit and everything going on, and that is why most investors are very careful with the increased volatility that we see.
Thanks, everyone :)
*Disclaimer: Even though I list this as a "short", this is my opinion regarding my current market analysis and you should do your own research before risking anything.
This is my opinion and idea of what could happen with GBPUSD going forward. Sure there's a lot of uncertainty with Brexit and the very recent no-confidence vote coming up later today(12 December).
As the chart shows, GBP finds itself at the neckline of a possible H&S pattern, just waiting for "something" to happen so it can fall one way or the other. Opinions suggest that should PM May win the vote tonight the Pound could rally higher. However, the opposite is also true, should she lose the vote we could expect to see the Pound drop past the neckline which could aim for a short-term support around 1.235, perhaps even lower longer-term when looking at the height of the H&S pattern mentioned.
As mentioned earlier, the UK is such a mess at the moment with Brexit and everything going on, and that is why most investors are very careful with the increased volatility that we see.
Thanks, everyone :)
*Disclaimer: Even though I list this as a "short", this is my opinion regarding my current market analysis and you should do your own research before risking anything.
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