Sterling may retain BREXIT based 700 pips gains,Range 1.32-1.27
UK elections pending royal assent, to be held on 12 December few days before Christmas and first time in December since 1923.
Sterling went sharply higher to celebrate BR-EXIT in national fervor. But now in stalemate after parliament rejected current EU-UK deal. Boris Johnson did well in his short leadership tenure to get the deal and his own party leaders confidence.
ON CHARTS
1.2750-1.2800 level is a resistance turned support area. GBPUSD may retain this level in next couple of months. But it really needs confirmation and economic strength to surpass 1.3200 level.
A new trading range between 1.3200 - 1.2750 is expected..
BR-EXIT drama has prolonged for more than 2.5 years and still expected to continue for few months. News or statement based gains and losses are usually found of temporary nature, BUT current BR-EXIT based gain may
be retained by GBPUSD because in recent past to most investors and analysts GBP looked underrated against the US Dollar.
Since Br-exit Referendum in June 2016, we are watching developments on this pair carefully but haven't dared to take a single trade risk in last 2.5 years. Which seems prudent to US.
Why we should put our capital on risk where a single-line news/statement OR tweet may derail the setup with out taking care of real fundamental/economic grounds.
FOREX majors provide numerous opportunities in a month to take advantage of, SO NO NEED TO TRADE A BUBBLE , WHICH MAY BURST ANY TIME....
Sterling went sharply higher to celebrate BR-EXIT in national fervor. But now in stalemate after parliament rejected current EU-UK deal. Boris Johnson did well in his short leadership tenure to get the deal and his own party leaders confidence.
ON CHARTS
1.2750-1.2800 level is a resistance turned support area. GBPUSD may retain this level in next couple of months. But it really needs confirmation and economic strength to surpass 1.3200 level.
A new trading range between 1.3200 - 1.2750 is expected..
BR-EXIT drama has prolonged for more than 2.5 years and still expected to continue for few months. News or statement based gains and losses are usually found of temporary nature, BUT current BR-EXIT based gain may
be retained by GBPUSD because in recent past to most investors and analysts GBP looked underrated against the US Dollar.
Since Br-exit Referendum in June 2016, we are watching developments on this pair carefully but haven't dared to take a single trade risk in last 2.5 years. Which seems prudent to US.
Why we should put our capital on risk where a single-line news/statement OR tweet may derail the setup with out taking care of real fundamental/economic grounds.
FOREX majors provide numerous opportunities in a month to take advantage of, SO NO NEED TO TRADE A BUBBLE , WHICH MAY BURST ANY TIME....