GBPUSD Short Idea as Price Rejects Resistance on Daily
Updated
GBPUSD has seen volatility as market digests Brexit headlines.
Cable moved higher and broke 1.3300 level as better sentiment developed for Sterling with market pricing in the probability of Article 50 extension and No Deal becoming less likely.
Focus is back on PM May getting better deal and assurances on Irish backstop. It seems unlikely that EU will yield to any new deal if we refer to previous statements. Anything positive from PM May will bring 29 March dateline to a reality, and any rejection from EU will push Sterling lower.
Brexit is weighing on forward looking data. Focus will be on Services PMI after last week Manufacturing PMI continued showing the impact of Brexit on sentiment.
Three Inside Down Candle formation on resistance at 1.3320 level indicates rejection of that level.
A possible contrarian entry in a sideway volatile market type for Cable.
Cable moved higher and broke 1.3300 level as better sentiment developed for Sterling with market pricing in the probability of Article 50 extension and No Deal becoming less likely.
Focus is back on PM May getting better deal and assurances on Irish backstop. It seems unlikely that EU will yield to any new deal if we refer to previous statements. Anything positive from PM May will bring 29 March dateline to a reality, and any rejection from EU will push Sterling lower.
Brexit is weighing on forward looking data. Focus will be on Services PMI after last week Manufacturing PMI continued showing the impact of Brexit on sentiment.
Three Inside Down Candle formation on resistance at 1.3320 level indicates rejection of that level.
A possible contrarian entry in a sideway volatile market type for Cable.
Note
Stop moved to 1.3175
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