GBPBGN we might see 2,19 utill the end of the week

09.01.2019 / 12:20

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GBPBGN Forex H1 | Our expectations:

The GBPBGN formation since the beginning of the week is an expanding triangle, driven largely by speculation about the Brexit deal and leaving the EU with or without a deal.

Technical formation suggests that the levels of the last week's currencies flash crash have been confirmed and the 2.1750 level is likely to play a support role here.

At the moment, the price seems to be adjusting the impulse from the end of the Asian session and we can look for pound purchases to top the broad consolidation around 2.19.

Fundamental: Currently, Theresa May faces new resistance in parliament, asking for a new plan B, and new comments can push the pound in both directions, but given that the pound is quite oversold, we can expect at least short-term purchases.

Alternative Scenario: A level test of about 2,1680 is not off the table, but a break below that level could lead to a new serious downturn.

Trader Nikolay Georgiev

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GBPBGN we might see 2,19 utill the end of the week

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