GBPUSD branded to the higher low and higher high pattern
GBPUSD has hit a fresh 2018 low in mid-August dragged down by no-Deal Brexit. The cable has surged nearly 3.0% from low’s and rose more than a percent overnight but would still need to rose another 0.80% to erase all of the monthly losses and is necessary to rose another 3.50% to erase all the ytd losses.
Two-Day view: After a big surge overnight, the cable is currently trading at 1.3030 (3.00pm AEST) facing stiff resistance at its 50MA. The erosion of the 50MA threshold is highly encouraging to forecast a pronounced recovery to 1.3070 and 1.3100 in a day or two.
The supports are at 1.3020,1.2970 and 1.2930.
Two-Day view: After a big surge overnight, the cable is currently trading at 1.3030 (3.00pm AEST) facing stiff resistance at its 50MA. The erosion of the 50MA threshold is highly encouraging to forecast a pronounced recovery to 1.3070 and 1.3100 in a day or two.
The supports are at 1.3020,1.2970 and 1.2930.