GBP/USD reacts hard on the BREXIT news whenever we have them delivered to the markets. Today it was the same as we have learned that the British Prime Minister Theresa May will resign effectively on the 7th of June.
Markets clearly received this with a quite of a relief and boost the GBP sending GBPUSD to daily high of 1.2717. Thou later we have seen the GBP falling as a result of May leaving with unresolved BREXIT issue and possibility of new turmoil coming in the following months. For now the bias from technical perspective on the GBPUSD has changed to slightly bullish and it is expected the price to rise at least to 1.29 in the following weeks.
Key levels to watch: 1.26, 1.2670, 1.2715, 1.2770, 1.28, 1.2830, 1.2870.
Be prepared for higher volatility and swing moves as new information is coming out regarding the BREXIT and new possible leader replacing Theresa May.
Blagoja Pazarkoski, mCMI - Trading Strategy Mentor and HCFXS™ creator.
When positions are opened we tend to hold them for the next 48-72 trading hours if not TP or SL hit we are closing positions manually. This is what we do and it is our preference and risk management, you may have different view and your own risk appetite. Your capital is at risk, you decide when to open and close positions, we are only sharing info for our positions and this is not advice and should not be taken as one.
Your capital is at risk! Risk warning! Your capital is at risk! Signals are mathematical calculations, be aware of fundamental risks that can influence prices to move differently! Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit. You should first be aware of the risk and know what you do before you proceed with trading. Supplied information is not advice, it is mathematical calculation therefore we are not liable for any losses that may occur!