Forex GBP / BGN D1 Our expectations:
Long-term broad consolidation. The price breakthrough. Break and a test of a major diagonal. Pulling back from 3-month highs for a test, which provides a good opportunity to enter long positions.
Foundamental: Today the lawmakers will debate and vote on British Prime Minister Theresa May's next steps, after the overwhelming rejection of her Brexit plan earlier this month, and have been proposing amendments seeking to shape the future direction of Brexi. Britain is set to leave the European Union on March 29, but the country's members of parliament remain far from agreeing a divorce deal. Sterling is expected to remain unstable
Indicators:
Breakthrough of 23.6% Fibonacci on the long-term long trend.
Price above 200 and 50SMA.
DeMarker - over bought, strong upward impulses are possible.
SL: 2.234
Alternative Scenario: If the price goes back to the choppy below 2.234, it will probably continue to play ping pong in long-term consolidation.
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