Get started
jasperlawler

Brexit Vote to determine if GBPUSD downtrend resumes

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
jasperlawler Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Support and Resistance GBPUSD cable gbpshort
1
0
trendanalysis supportandresistance gbpusd cable gbpshort
The break below previous support at 1.32 amid a strong downtrend signals lower prices

Two possible scenarios after today's vote in UK parliament over Brexit
A) former support at 1.32 is resistance and downtrend resumes toward 1.305
B) price closes back above 1.32 signalling a rangebound market and an eventual re-test of 1.347
Comment:
Scenario A) in play -- 1.32 held as resistance, GBP making fresh 7-month lows
Next up: BOE
Comment:
Back over to scenario B) - looking at potential for big weekly reversal with false break below 1.32 and a close back above in a bullish signal
Trade closed manually:
Bearish trend in tact but hard to keep open positions because very choppy
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.