GBPUSD moves up toward 200 hour MA and backs off

Technical Analysis

What a mess…

The GBPUSD moved higher after the vote.  Was it short covering? Was it hope for extending Article 50 and then figuring a new deal, or having a new referendum or new election, then a new deal?  

Who knows, but the EU came out and poured some cold water on a easy extension. They want a plausible reason for the extension, then the EU27 has to grant it.  What is that plausible reason going to be and then what?  shrug

Anyway, the price came back down below the 100 hour MA and are near the levels before the vote.  The same support and resistance levels remain.

Get above the 200 hour MA /50% retracement (top yellow area)

Get below the 200 day MA and the low for the week (lower yellow area).

Chop. Chop. Chop. Until there is something concrete.

PS the EURUSD is trading to new highs and moves above the 1.13000 level.  

ForexLive

Products You May Like

Articles You May Like

USD/CAD steadies above 1.34, adds nearly 100 pips for the week
Forex Trading for Beginners Philippines | Short Trades 3
USD/MXN drops to 18.98 and heads for lowest close since mid-January
US 10 year yield down about 10 basis points. Nasdaq tests MA target.
USD/JPY falls below 110.00

Leave a Reply

Your email address will not be published. Required fields are marked *