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GBP news

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GBPUSD inches toward low from last week

#241
mlawson71 wrote:
Fri Feb 08, 2019 1:44 am
Do you guys think it may rally above 1.3000 again?
It's heading south for now :thumbdown:

GBPUSD inches toward low from last week, and away from 100 day MA above

1.2853 was the low from Thursday

The GBPUSD is making a break to the downside. Earlier, I wrote how the pair was testing the 100 day MA and 200 bar MA on the 4-hour chart at 1.28909 and 1.28833 respectively, with a narrow trading range.

Now, the range for the day has been extended AND the price is moving away from those key MAs. Stay below, keeps the sellers in control. Move above and we could/should see some of the sellers taking profit. PS the 100 hour MA remains another ceiling that would need to be broken for the bulls to take more control.

2019-02-11_8-47-05.jpg

So bears remain in control. The next target is the low from last week at 1.28531. A move below it will look toward the 50% of the move up from the Jan 2019 low at 1.28346.

Source: https://www.forexlive.com/technical-ana ... k-20190211
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GBPUSD buyers retain near-term control as Brexit deal hopes still in limbo

#245
Cable buyers retain near-term control as Brexit deal hopes still in limbo

Cable holds just above 1.2900 as May continues to buy more time for a deal
2-18-2019-5-27-48-pm.png

The dollar recouped some of its losses earlier but was unable to hang on to them with price testing the 200-hour MA (blue line) before bouncing back up. There is some negative sentiment surrounding UK politics today as several Labour MPs are due to announce their resignation in the next half-hour or so over Brexit among other things.

That said, it's not likely to drive strong declines in the pound but it could present some fear that Brexit is continuing to form cracks in UK politics and that is something to be mindful about.

But just looking at price action in cable, buyers are still in near-term control but they are lacking much needed positive headlines to justify a break to the upside and build on the bullish momentum from Friday.

Currently, resistance from the swing region around 1.2925-30 is acting as a good cap to price gains; there's also the 200-bar MA on the H4 chart @ 1.2920. Offers are then seen closer to 1.2950 thereafter.

Despite the sentiment in the Labour party, things there are not likely to cause massive changes to the Brexit state of play. Theresa May is still buying more time to secure a last-minute Brexit deal and as such, the pound is left waiting on further developments in Westminster and Brussels before being able to find steady footing.

I still see the 1.3000 handle as being the mid-point in determining Brexit sentiment and I also still want to find a solid reason (technical or fundamental) to go long on the pound. As it stands, I would wait for more clues before rejoining the party here as fundamentally there isn't much reason to play either side now and technically, the near-term bullish bias isn't overwhelmingly strong either.

In any case, for near-term direction, look towards a further break above 1.2930 for buyers to extend gains. And for sellers, it's trying to find a break back below the 200-hour MA @ 1.2893 before targeting the 100-hour MA (red line) @ 1.2862.

Source: https://www.forexlive.com/technical-ana ... o-20190218
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Re: GBP news

#246
I too think it will reach 1.3000 at some point (probably soon), but beyond that it's unclear.

Re: GBP news

#247
Amid the growing uncertainty of a hard Brexit just a month away traders are pulling away from the British Pound, because of the increased volatility of the currency.

And that is felt not only with the value of the pound, but also with the trading volume. Once the second most traded currency pair, now the GBPUSD trading volume has gradually shrunk to record low.

For the six months ended in October 2018 the average daily trade volume of USDGBP has shrunk to 324 billion USD from 351 billion USD in the previous six months that ended in April 2018., recent Bank of England data shows.

A prayer for Brexit

#248
A prayer for Brexit - Church of England spiritual leader to plead for unity

LONDON (Reuters) - The spiritual leader of the Church of England may lead five days of prayer with other Churches after Britain’s March 29 exit from the European Union in an attempt to ease Brexit divisions, The Sunday Times reported.

The 2016 Brexit referendum showed a United Kingdom divided about much more than the European Union, and has fuelled soul-searching about everything from secession and immigration to capitalism, empire and modern Britishness.

Under plans discussed by the Church of England, Archbishop of Canterbury Justin Welby wants to pray in public with the leaders of the Catholic, Methodist, Baptist and United Reformed churches on the day after Britain leaves.

“I would hope that it will resonate with the wider nation, that this is the time for turning to something deeper in the human spirit than legal arguments and philosophical discussions, and to seek wisdom from God,” a senior Church of England source was quoted as telling the newspaper.

With the clock ticking down to March 29, the date set in law for Britain to leave the EU, the United Kingdom is in the deepest political crisis in half a century as it grapples with how, or even whether, to exit the European project it joined in 1973.

The Sunday Times said Prime Minister Theresa May, an Anglican, and Labour Party leader Jeremy Corbyn are being sounded out to join them.

Queen Elizabeth in January sent a delicately coded message to Britain’s factious political class over Brexit, urging MPs to seek common ground and grasp the big picture to resolve the crisis.

https://www.reuters.com/article/uk-brit ... SKCN1QD08I

conclusion: The last approach for brexit: Cross your fingers Dude, cross your finger

Re: A prayer for Brexit

#249
navid110 wrote:
Tue Feb 26, 2019 5:11 am
A prayer for Brexit - Church of England spiritual leader to plead for unity

LONDON (Reuters) - The spiritual leader of the Church of England may lead five days of prayer with other Churches after Britain’s March 29 exit from the European Union in an attempt to ease Brexit divisions, The Sunday Times reported.

The 2016 Brexit referendum showed a United Kingdom divided about much more than the European Union, and has fuelled soul-searching about everything from secession and immigration to capitalism, empire and modern Britishness.

Under plans discussed by the Church of England, Archbishop of Canterbury Justin Welby wants to pray in public with the leaders of the Catholic, Methodist, Baptist and United Reformed churches on the day after Britain leaves.

“I would hope that it will resonate with the wider nation, that this is the time for turning to something deeper in the human spirit than legal arguments and philosophical discussions, and to seek wisdom from God,” a senior Church of England source was quoted as telling the newspaper.

With the clock ticking down to March 29, the date set in law for Britain to leave the EU, the United Kingdom is in the deepest political crisis in half a century as it grapples with how, or even whether, to exit the European project it joined in 1973.

The Sunday Times said Prime Minister Theresa May, an Anglican, and Labour Party leader Jeremy Corbyn are being sounded out to join them.

Queen Elizabeth in January sent a delicately coded message to Britain’s factious political class over Brexit, urging MPs to seek common ground and grasp the big picture to resolve the crisis.

https://www.reuters.com/article/uk-brit ... SKCN1QD08I

conclusion: The last approach for brexit: Cross your fingers Dude, cross your finger
Let's pray that this whole fiasco ends soon!
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GBPUSD hits a four-month high

#250
Pound buyers not letting up as cable rises to highest levels since October

2-26-2019-6-52-29-pm.png

Alright, this is where things start to get a bit stretched in my view. The gains today is basically signalling that markets are pricing in some form of positive news to come about from May's statement later just after midday. Currently, the hope is for either a Brexit extension or that May rules out a no-deal Brexit outcome.

Either of which will more than likely help support gains seen today but should neither come about, it will just be a pain trade that is waiting to happen.

There is some decent resistance for cable around 1.3250-60 before the 1.3300 handle but at this point it's purely sentiment that is dominating trade here. Technicals will mean little if the sentiment seen here is supported by fundamentals. Cable could easily take out 1.3300 on the back of positive headlines later.

But that is very much the case, it's either the pair is going to rally further from here or the gains today will be tempered with depending on May's statement.

Meanwhile, EUR/GBP is also opening up to new lows as the pair falls below 0.8600 to its lowest levels since May 2017.

Source: https://www.forexlive.com/technical-ana ... r-20190226
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