BXY trade ideas
more pressure on GBP ?While looking at it technically one can see that the GBP is about to experience another blow in the financial market.
BXY - GBP - Avoiding Until Confirmation on Direction BiasAvoiding GBP if possible due to all the uncertainty.
Going to keep a close eye on BXY to hopefully get a sense of direction bias.
GBP INDEX - Drop againAfter 3 days, MACD is not exceeding the zero line. The slope of MACD & Signal is down.
Thus, I forecast GBP INDEX will drop again.
Chances of Accidental No Deal Brexit Increased SignificantlyTraders are now aware of the April 12th deadline and that it will be extended into May if Parliament passes Prime Minister May's deal she made with the EU earlier in the month. However, the last deal she presented to Parliament lost by a staggering 150 votes. That's quite a bit to make up in 20 days. And what traders are probably not pricing in yet is the possibility of a no deal Brexit which the chances of over the past 24 hours just dramatically increased. Chances of accidental no deal Brexit were already elevated before Tusk's ultimatum. Overall, I'm now quite negative on every pound pair. Technicals at the weekly view also suggest GBPUSD is a bit overpriced. Here's more words and charts on the topic if you're interested: anthonylaurence.wordpress.com
GBP INDEX - A corrective for down on next Brexit 21-22/3/2019My main focus for signals is a bearish divergence on the MACD and RSI.
At the new TOP, RSI is not beyond 70.
Bolliger Band is not plugged deeply at wave V. Maybe GBP index has rejected a break for an uptrend and corrected continue.
GBP INDEX - A corrective for down trendMACD & RSI divergence for a short.
Note: GBP index reached the Elliot wave 5 (27/2/2019) but RSI not beyond 70. The Candle Stick is at Upper Bolliger band.
I predict GBP index will correct down from the Symmetry wave III to IV.
