A look back at the market in the run up to Brexit, With the countdown about to strike exactly 10 days until the deadline what are your thoughts on the market.
This chart is not financial advice and is only a look back at the lead up to Brexit.
Below is some links to large news story's that came out that had effects on the markets.
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Price Action has formed a Descending triangle pattern (yellow dotted line), consolidating against the Support line (green dotted line) which has held for 2018.
Despite Brexit volatility, I suspect the market to make a Bullish rally.
Cup Pattern Formation. A final move forming the handle, pushing to the downside for a short-term Selling opportunity for a Trend reversal to the upside at the 0.382 Fib Level.
Triggering a Long-Term Buying opportunity
- Entry @1.1079,
- Stop-Loss @1.1071
- Take-Profit @1.1139
Giving us a 7:5 risk to reward ratio.
RSI - Price Hovering Just...
Last week price rallied to major resistance and, again, gave a sharp rejection. This week, so far, we have retested support from the supportive price area (green line) and the weekly 55EMA. Price is once again stuck within these ranging levels (between the red and green lines).
I am bullish on this pair BUT I am staying out of this market until a Brexit deal is...
Looks like the downtrend on this pair will continue, waiting on the pair to hit the trend line, hopefully following the pattern its been giving us the past week or so. Not looking like there will be a breakout at the moment, will have to keep an eye on candle sticks the top of the up moves and the bottom of the down moves. Waiting to hit the next red zone to sell.
Potential head and shoulders formation. A fairly premature prediction admittedly, however the first peak and head are formed which makes it very likely we could be seeing a head and shoulders pattern being created. GBPEUR has hit support twice in this timeframe and it looks like it could be heading back down to support and if it doesn't break support by rising...
I dont only ever short, I am bullish, occasionally. Currently following the downtrend evidenced, and seems to touch the top band, then reject it to go on and touch the bottom line. Recently touched the top, rejected and drop, and has climbed just above the mean value in the downtrend. Expecting a sell off again here.
Since beginning of 2016 the value of the £ GBP has fallen 21% against the EUR from 1.4 EUR to 1.1 EUR to the GBP £.
The short term future of the GBP against the EUR does not look good and will likely see UK holiday makers going to other countries with different currencies simply to get away from the EUR.
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Brexit talks came to the second round - if some positive news will come out from UK or EU - it will push GBP higher.
This pair touched strong Fib Level and Major Uptrend line - very strong set up for Long position - however wait until something get broken.