the daily chartist

Brexit ain't scaring Cable

published 1 year ago
GBP/USD Daily

 Sterling has proven its resilience these days even though we had negative news surrounding Brexit and a stronger Dollar. The pair is placed in a long-term downtrend, but in the past months, we have seen steady rises in the price of the Pound, climbing towards the top line of the trend. Though not successful and followed by a correction, the price is trying to make a small push towards 1.33011. Bulls already managed to push above and close above the 50 DEMA and are aiming at the 200 DEMA.

 First scenario: We are going to see a successful push above 1.33011 and continue the climb towards the top trend line, breaching it will give us the opportunity to build up longs with a new uptrend. 

 Second scenario: Price fails everywhere along the road to the top and returns inside the downtrend momentum. A new selling may be done when the price dips under 1.3000 and closes under it.