Does the UK ever suprise anyone anymore?
Updated
With BoJo's deal out the window (atm) and still claiming not to negotiate an extension more uncertainty creeps into the market and for us currency traders that's means juicy volatility . With some EU member states claiming not to want to extend the divorce and some claiming it was necessary, we can all only watch as see what happens and aim to profit off the zoo which the UK parliament seems to be.
Rising wedge pattern on most GBP pairs seems prone to a sharp drop 4H
Bearish divergence on RSI with a descending triangle pattern forming in overbought 4H
Slight break above however a close below decent resistance 1D & 1W
Speculators could however hold off the waterfall which usually beseeches GBP after a UK governments defeat in the face of Parliament, to see what the executive gets up too next with No Deal still on peoples lips.
Short term bullish entry needs many more confirmations with none at the moment other than short term trend direction, bullish above 1.3050 targeting 1.3312, sl 1.2990
Short term bearish entry immediate targeting 1.2433 first, moving to 1.2202 and minority position hold down to 1.9026. sl 1.3050 moved to b/e once 1.2700 handle is flush broken
COMMENTS WELCOMED
Rising wedge pattern on most GBP pairs seems prone to a sharp drop 4H
Bearish divergence on RSI with a descending triangle pattern forming in overbought 4H
Slight break above however a close below decent resistance 1D & 1W
Speculators could however hold off the waterfall which usually beseeches GBP after a UK governments defeat in the face of Parliament, to see what the executive gets up too next with No Deal still on peoples lips.
Short term bullish entry needs many more confirmations with none at the moment other than short term trend direction, bullish above 1.3050 targeting 1.3312, sl 1.2990
Short term bearish entry immediate targeting 1.2433 first, moving to 1.2202 and minority position hold down to 1.9026. sl 1.3050 moved to b/e once 1.2700 handle is flush broken
COMMENTS WELCOMED
Note
correction 1.1902 for minority position shortNote
SL to b/e as trade is slowly trudging along and possible descending wedge forming for upside which may negate previous theory
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