GBPUSD Medium term
Cable is currently rather unpredictable and additional volatility is attributed to Brexit talks. Nevertheless, some technical analysis cannot hurt anybody, right? :)
I believe that GBPUSD currently is on a downward trend in terms of a rather strong upward channel. There is a possibility to enter a SHORT trade with a TP above 1.32. The price may see some support at 0.236 Fibo level - 1.326.
In case the pair decides to break the current channel, it will see a significant support level @1.30 (psychological level) together with 1.30196 (0.382 Fibo level). I am considering this option because of a recently formed lower high.
It seems that the currency pair does not like the inability to finish Brexit talks. Therefore, it may see a potential upward push when the agreement is reached.
Disclaimer: I have not opened a trade as I don't like to do it in the middle of the channel.
I believe that GBPUSD currently is on a downward trend in terms of a rather strong upward channel. There is a possibility to enter a SHORT trade with a TP above 1.32. The price may see some support at 0.236 Fibo level - 1.326.
In case the pair decides to break the current channel, it will see a significant support level @1.30 (psychological level) together with 1.30196 (0.382 Fibo level). I am considering this option because of a recently formed lower high.
It seems that the currency pair does not like the inability to finish Brexit talks. Therefore, it may see a potential upward push when the agreement is reached.
Disclaimer: I have not opened a trade as I don't like to do it in the middle of the channel.
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