Following the serious instability in the pounds, the market seems to be in "wait and see" mode, with speculation and news missing out on Brexit's latest development in the last week. Investors seem to be losing sight of sterling purchases, lacking the fundamentals to send the pound to new positive territory. However, looking at the technical analysis, expectations are for a more likely increase in price.
Price adjustment to 38.2 Fibo. The psychological level of 2.30 remainс valid, where we see the probability of a new upward impulse. The SMA50 keeps its role of support for the moment and that will enable us to make more profitable purchases of pounds. The zone between current levels and 2.29 seems quite potential for purchases.
Alternatively, if the price break below 2.275, this can lead to a deeper correction.
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.