Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
GBP/USD may lose more
2019-11-11 • Updated
SELL 1.2760; TP1 1.27; TP2 1.2630; SL 1.2785
GBP/USD has been steadily declining during the last 4 days. The pound is affected by Brexit uncertainty. In particular, traders are worried that Prime Minister Theresa May may depart during the summer if the parliament rejects her Brexit deal yet again. In this case, the odds that Britain will leave the EU without a deal will be higher.
The pair reached 61.8% Fibo of the 2019 advance at 1.2785. The next levels to watch on the downside are 1.27 (August/October lows) and 1.2625 (78.6% Fibo). The pattern on D1 resembles a top. MAs both on W1 and D1 are showing bearish signs, and GBP/USD isn’t oversold yet, so it seems like we have a trade idea.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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