GBP declines today after the latest polls show that Teresa May's lead has narrowed.
We are most likely to see a new bearish momentum at GBP/USD, GBP/JPY
The news is fundamental, which increases its strength in the medium term. The news is negative for GBP
Our expectations: The short-term movement is sharp but still above the horizontal support of 1.2840, which for now does not mean a downward movement but only a correction. Only a break below 1.2840 will give more significant signal and amplify negative sentiment.
The short-term short is in force: a breakthrough of diagonal support and a possible test at 1.2840.
Short positions are currently at risk because the price is close to horizontal support.
Possible short on potential break below 1.2840 or after break test on diagonal support, currently resistance either around 1.2896
Stefan D. Angelov - Head of Stocks Trading
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.