GBPUSD Retests 50% Fib Retrace of Apr-Jan Fall Ahead of Brexit Vote
Darren Chu, CFA of Tradable Patterns - - Thu Mar 14, 12:09AM CDT

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The GBPUSD rallied a massive 300 pips yesterday at one point on the UK parliamentary vote against a no-deal Brexit, forming a new 2019 high before getting rejected at ascending triangle resistance (on the 4hr chart). Significantly, yesterday's surge halted at the 50% Fib retrace of the April to January fall before yielding to healthy profittaking. With another vote today on whether the Brexit deadline/Article 50 gets postponed beyond Mar 29, the GBPUSD is due for more volatility today (likely in the form of a deeper selloff after this week's impressive gains). Nevertheless, longer term bulls will take advantage of any notable dip today particularly as the GBPUSD gears up towards decisively breaking horizontal resistance (on the weekly chart) and continuing its ascending wedge/upchannel (on the daily chart). The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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