With parliament supporting an extension of the Brexit date, market participants expected to see prices reacting positively to the critical news. Instead, the pair fell from a 9-month high of $1.3380, plummeting over a hundred pips against the dollar. Perhaps investors don’t think PM May’s suggestion of a June deadline will be enough.
Should we Expect a Rise?
GBPUSD ($1.3250): Pound was rejected near $1.3224 on Thursday. As a previous high, this level is likely to maintain the bullish bias intact. However, the bearish divergence seen on the MACD could push prices lower for a deeper correction. From a bullish perspective, there is room to move higher towards the $1.34 and $1.3540 extensions. This would complete wave (v) of the impulse upside wave.
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