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GBPAUD Approaching Support; Be aware of Bull TurnHello traders, GBPAUD continued lower from latest 1.84 high, and is now trading close to potential support at 1.806 level, provided form a former swing high. Also fib. ratios of 50.0 and 61.8 (1.806/1.80 level) can react as support, and push price into a higher degree wave c. That said, once sub-wave c) or y) of b fully develop, and we see a rally in impulsive fashion, that is when correction as b may be completed, and wave c underway. Trade well, the EW-forecast team
by ew-forecast
GBPAUD In DowntrendGBPAUD is in a firm decline, a five-wave impulse down from March high. At the moment we see price resuming the downtrend, after recent minor corrective rally in wave 4, which ended at the 1.841 level. That said, wave 5 of an impulse can be underway, so be aware of new lows, as final leg lower can be targeting 1.73/1.72 area. If wave 4 correction is still not completed, then be aware of a rise towards the Fib. ratio of 23.6 and 38.2 (1.84/1.87 level). Trade well, the EW-forecast team
by ew-forecast
GBPUSD outlookAfter a massive sell-off and the broken trend line, we saw the biggest lunge in cable since March this year, as the tech stocks plunged and USD grew. Now price at 1.29 level, RSI very oversold. Here we are waiting for a pattern to show more technical direction. The reverse pattern for a buy and a plunge below 1.29 to sell more. While the situation in the UK becomes very agitated as Boris Johnson seems to be failing as the PM and his critics grow bolder by the day. Please support the idea and share your thoughts on GBPUSD! Good Luck and Stay Healthy!
by Antonio_trader
Pound sells off on Brexit woesThe pound is down 2% against the U.S dollar in the past couple of days, on growing prospects that the United Kingdom will leave the European Union without a trade agreement. Brexit talks are set to continue this week, with UK’s Prime Minister Boris Johnson playing hardball with European Officials. He has imposed a October 15 deadline, to which he plans to quit Brexit talks if no deal is reached. The pounds have mostly forgotten Brexit, with the Coronavirus pandemic guiding everyone’s attention away from the non-completion of Brexit. Seema Shah, Portfolio manager at Principal Global Investors, stated that headlines over the weekend were a “timely reminder that, while the markets have been distracted by the UK’s struggle to rejuvenate the economy, Brexit negotiations have quietly been going nowhere.” The main issues include competition, fisheries, and solving disputes. UK government undermining Brexit, pushing pound lower Further downwards pressure came from the revelation of the UK government is planning to release legislation that would override critical parts of the withdrawal agreement – notably the deal that would undermine the agreement that Boris Johnson signed last year to avoid a return to a hard border. The pound has been rallying since its March lows, up 14.13%. However, it has underperformed compared to its peers. For example, the Australian dollar has rallied 31% since its March lows. The main issue for the pound comes from its appreciation, not discounting Brexit talks. As headlines start to creep up about Brexit near Boris’ October 15 date, the pound’s volatility will increase. Petr Krapta, a currency strategist at ING bank, stated that “the Brexit head is back on and sterling is, in our view, unprepared.” This comes at a time when the UK’s grip on the Coronavirus continues to slip, with daily cases spiking, recording the highest number of daily Coronavirus cases since May.
by BlackBull_Markets