Going South ahead of Referendum
Since March the pair is in channel, indicated with blue lines (marked on daily TF)
For a week the channel has been broken and this Friday the price reached the channel boundaries again, which indicate of bearish move (retracement of the channel)
There are further indications about this:
1. The price is in 50-61.8 retracement
2. The zone already act as support and resistance couple of times in the past
3. Retracement up to the channel
And mainly the referendum poll results are in favour for Brexit.
If the people decided leave, I think a major drop could happen for British poind
If the people decided to remain the price could go up, but I think it will stay within the channel.
For a week the channel has been broken and this Friday the price reached the channel boundaries again, which indicate of bearish move (retracement of the channel)
There are further indications about this:
1. The price is in 50-61.8 retracement
2. The zone already act as support and resistance couple of times in the past
3. Retracement up to the channel
And mainly the referendum poll results are in favour for Brexit.
If the people decided leave, I think a major drop could happen for British poind
If the people decided to remain the price could go up, but I think it will stay within the channel.
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