I am currently monitoring this pair very well against all macro economic events. fundamentally as we all know the Brexit situation has been some key reason why price has been bullish due to the higher probability of the no deal Brexit being pushed back to allow more time to construct a meaningful tariff and trade deal between the UK and key EU member state. this has given a bullish sentiment across most GBP crosses. with that being said should we reach march and there is no real deal or any negative event we might see price retracing from the. key levels of around 18200.
This brings me to my technical analysis for this pair where we look to have an inverse head and shoulder pattern playing out. I will be looking to have some sell orders places around the 18200 handle with targets at 17520 which lines up with the 61.8% key demand zones and will complete the right inverse shoulder. from there I do expect the major trains line from 2014 broken and retested.
for now all eyes are at 18200 handle for short positions. lets see how price will play out so patience is what we need
This brings me to my technical analysis for this pair where we look to have an inverse head and shoulder pattern playing out. I will be looking to have some sell orders places around the 18200 handle with targets at 17520 which lines up with the 61.8% key demand zones and will complete the right inverse shoulder. from there I do expect the major trains line from 2014 broken and retested.
for now all eyes are at 18200 handle for short positions. lets see how price will play out so patience is what we need
Trade closed: target reached:
.