Hi fellow traders!
GBPUSD is currently trading around 1.31100.
It has the potential to rise all the way up, following the current EU summit taking place right now.
If the UK is granted an extension, this will rule the chance of No Deal out, which will allow the £ to strengthen.
Hopefully if it is a short one, it would be better as it would allow the UK to leave as early as possible to get rid of the issues regarding the European elections.
Taking a look at this pair from a technical perspective, it should look to rise if the pair does break out from the structure drawn.
I believe this pair could easily skyrocket towards 1.32000 and beyond if the extension is granted, as it gets rid of business and economic uncertainty for the UK.
I think it would still be a good idea to keep a tight stop loss on this pair as we don't know where the news regarding this could go.
Fingers crossed there is an extension!
Good luck trading.
If you read it to all the way down here, thanks for showing some support to this article! Tell me where you think GBPUSD will be heading next! Comment below all your ideas about the future of the Pound! Buy or Sell and why? Additionally, drop me your charts/ideas for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX, Stocks & Crypto market, and I'd appreciate any help people may offer!
Please drop a follow/like! I need reputation points!
GBPUSD is currently trading around 1.31100.
It has the potential to rise all the way up, following the current EU summit taking place right now.
If the UK is granted an extension, this will rule the chance of No Deal out, which will allow the £ to strengthen.
Hopefully if it is a short one, it would be better as it would allow the UK to leave as early as possible to get rid of the issues regarding the European elections.
Taking a look at this pair from a technical perspective, it should look to rise if the pair does break out from the structure drawn.
I believe this pair could easily skyrocket towards 1.32000 and beyond if the extension is granted, as it gets rid of business and economic uncertainty for the UK.
I think it would still be a good idea to keep a tight stop loss on this pair as we don't know where the news regarding this could go.
Fingers crossed there is an extension!
Good luck trading.
If you read it to all the way down here, thanks for showing some support to this article! Tell me where you think GBPUSD will be heading next! Comment below all your ideas about the future of the Pound! Buy or Sell and why? Additionally, drop me your charts/ideas for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX, Stocks & Crypto market, and I'd appreciate any help people may offer!
Please drop a follow/like! I need reputation points!
Note
I think this should go through very easily.Donald Tusk has been claiming he will try to bring about an agreement for a flexible delay, and this should look to favour the UK with regards to Brexit.
Trade closed manually
Very little momentum on this trade but I did spot a new descending triangle! Check my new trade idea for more info.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.