Cable is trading in a bearish trend below its 200D SMA and is being driven by brexit uncertainty that is rising day over day, affecting market sentiment and businesses all over the UK. Currently, hopes of reaching a brexit deal are shrinking which will continue putting downside pressure on this pair.
Also, a potential head and shoulders can be spotted on the 4 hour chart which if confirmed breaking below the neckline can send this pair to lower levels including 2018 lows near 1.25.
I am currently bearish on the cable unless a positive progress is made on brexit negotiations.
Also, a potential head and shoulders can be spotted on the 4 hour chart which if confirmed breaking below the neckline can send this pair to lower levels including 2018 lows near 1.25.
I am currently bearish on the cable unless a positive progress is made on brexit negotiations.
Ramzi Abou Abdallah, CFTe, CMT
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