As discussed previously, the value of the American Dollar is expected to fall in the coming weeks and months. On the other hand, the notion of a "No Deal Brexit" supports the belief that the British Pound may be getting weaker. However, despite the political and economic turbulence that Great Britain may be facing due to the idea of a "No Deal Brexit," the pound may actually be getting stronger.
There is a weekly head and shoulders that should be completed by the end of the week. With a confirmed break above the neckline at the 0.382 fib level, look for a move up to 1.36000 which falls on the 0.618 fib level. Ultimately, we should look for the upward movement to test a strong monthly resistance at 1.37000 (possibly during the week of the Brexit vote) and a potential break above the resistance that would result in a strong and long-term upward momentum.
There is a weekly head and shoulders that should be completed by the end of the week. With a confirmed break above the neckline at the 0.382 fib level, look for a move up to 1.36000 which falls on the 0.618 fib level. Ultimately, we should look for the upward movement to test a strong monthly resistance at 1.37000 (possibly during the week of the Brexit vote) and a potential break above the resistance that would result in a strong and long-term upward momentum.