GBP news

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Re: GBP news

#71
GBP/USD was pretty bearish when it closed, does anyone think it will drop below 1.3000 next week?


GBPUSD: No-deal fears send cable to oversold territory

#72
No-deal fears send GBP/USD to oversold territory

  • European leaders insist that May must pass the
  • Brexit deal in Parliament for an extension.
  • Fears of a no-deal Brexit rise as the clock ticks down to Brexit.
  • GBP/USD tumbled down, entering the oversold territory.

The European Union Council Summit is in play in Brussels. Entering the gathering, UK PM Theresa May repeated her stance to ask for a short Brexitdelay in order to pass the Brexit deal.

However, European leaders say that without an approved accord, there is no rush to approve an extension.

However, time is running out, with eight days until Brexit. Decisions may be taken at the last moment.

Some political analysts say that May may opt for a no-deal Brexit. Fears have brought together labor union TUC with the business lobby CBI. They sent a rare joint letter to May, urging her to refrain from a no-deal Brexit and asked for a meeting with her.

A petition calling the government to revoke Article 50 surpassed one million votes.

However, fears of a no-deal are in play. This is the worst case scenario amid our three options.

Together with a recovery of the US Dollar, GBP/USD tumbled down to 1.3070, the lowest in a week.

GBP/USD Technical Analysis
GBP_USD (27)-636887791118546231.png

The Relative Strength Index (RSI) on the four-hour chart dropped below 30, indicating oversold conditions. This implies a correction is on the cards.

However, cable dipped below the 200 Simple Moving Average and downside Momentum intensified.

The next support line is only at 1.3010 which was a swing low last week. 1.2960 is a significant support line. It was a double bottom. Further down, 1.2920 and 1.2850 are eyed.

1.3120 turns into resistance. It provided temporary support early in the day. 1.3180 was a swing low early in the week and 1.3250 was a swing high on Wednesday.

Source: https://www.forexcrunch.com/no-deal-fea ... territory/#
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GBPUSD Technical Analysis: Break above 1.3210 would confirm pennant breakout

#73
GBP/USD Technical Analysis: Break above 1.3210 would confirm pennant breakout

GBP/USD has created a pennant pattern on the hourly chart - a bullish continuation setup, which usually accelerates the preceding bullish move.

A break above 1.3210 (pennant resistance) would confirm pennant breakout and could be followed by a rally toward 1.33.

However, the bullish case put forward by the higher lows and higher highs pattern, as represented by the rising trendline, would weaken if the pennant is breached to the downside.

Hourly chart
GBPUSD H1 (03-25-2019 1058)-636890885111698596.png

Trend: Bullish above 1.3210
gbpusd-tech-levels.jpg

Source: https://www.fxstreet.com/news/gbp-usd-t ... 1903250529
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GBPUSD jumps on rumours of possible time limit to Irish backstop

#74
Sterling jumps on rumours of possible time limit to Irish backstop

Cable moved up from 1.3060 levels to a high of 1.3122
4-9-2019-4-56-19-pm.png

And price is now looking to hold above the 1.3100 handle with the near-term move also looking to hold a break above the key hourly moving averages. That would put the near-term bias in the pair to being more bullish.

I'm still a bit skeptical on the move from the headlines here as it is not coming from a European source but rather from the UK. I wouldn't be surprised if we see some form of denial later or some remarks got lost in translation here.

In my view, it's hard to imagine European leaders having such a massive shift in stance - perhaps Merkel but not the others - that they can come to an agreement to allow for a time-limited backstop to be put in place.

Unless there are some real alternatives and viable replacements to the backstop being paired together with the idea here, this is going to fall on deaf ears at the end of the day.

As for the pound, the lift here should be temporary but technically, price is looking to hold a break above the 1.3100 handle and key near-term levels in cable. That could stir further buying until the next relevant headline comes about.

Pretty much anything goes in this whole Brexit roller coaster at this point.

Source: https://www.forexlive.com/technical-ana ... p-20190409
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GBPUSD Technical Analysis: Descending channel channel breakout on hourly

#77
GBP/USD Technical Analysis: Descending channel channel breakout on hourly

GBP/USD has moved out of the descending broadening channel, as seen on the hourly chart, and the upside is currently being capped by the 50-hour moving average.

Hourly chart
GBPUSD H1 (04-23-2019 1024)-636915920978632503.png

The upside break of the falling channel is backed by the RSI's move into bullish territory above 50.

As a result, the spot could soon find acceptance above the 50-hour moving average (MA), currently at 1.2991, and could rise to the hourly chart resistance at 1.3029.

The bullish case would weaken if the 50-hour MA, which is now flat lined (has shed bearish bias), proves a tough nut to crack.

Trend: Cautiously bullish

GBPUSD-pivots-april-23.jpg

Source: https://www.fxstreet.com/news/gbp-usd-t ... 1904230456
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