Current state of GBP/USD
Updated
GBP/USD is currently in a broadening wedge formation. On Friday, price retested the daily 200EMA and, again, was rejected. Next test of support will be the 13EMA (blue line) which I feel will hold.
I recommend staying out of the GBP market due to the Brexit outcome potentially being released this week. This market will be high volatility, high risk and high reward.
I'm not trading this market until a solid Brexit decision has been made.
I recommend staying out of the GBP market due to the Brexit outcome potentially being released this week. This market will be high volatility, high risk and high reward.
I'm not trading this market until a solid Brexit decision has been made.
Comment
Price tested the support level as expect and gave strong bullish pressure. The daily 200EMA will be the tipping point and first major resistance. I think a strong Brexit deal is what will take us past the resistance and give us a fresh bull move.Be cautious as this market could swing wildly.
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