Live Forex Signal on GBPUSD Technical Analysis by FxPremiere – Todays New on Major impact on the GBP/USD currency pair.
Forex Signal on GBPUSD Technical Analysis
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GBP/USD Technical Strategy: Long-term range yielding after the announcement from Theresa May yesterday.
GBP Pound Sterling AKA Cable put-in an almost 411-pip higher on the surprise announcement from Prime Minister May.
Prime Minister Theresa May announced that general elections would be held early, on June 8th of this year. The move was largely applauded as cogent political strategy to push through Brexit negotiations. But given the volatility seen in global elections over the past year, it would seem that a bit of reservation should be due before any long-term prognostications are built based on early polling numbers.
The immediate impact to the GBP British Pound was a quick run of strength that finally sent price action above the 1.2777-level. Prices continued to run in a rather aggressive fashion, all the way up to 1.2905 before sellers came-in. This led many outlets to claim that PM May’s announcement was a ‘game-changer’.
Given that yesterday’s move was at least partially-driven by short cover after another surprise development in the Brexit-saga, this leaves Cable in a fairly precarious position. Short-term price action remains bullish as we’re seeing some element of support show-up around that prior high of 1.2775, but the question remains as to whether yesterday’s announcement is a true driver for a tidal wave of change in GBP-price action.Forex Signal on GBPUSD Technical Analysis.
- That could mean the difference between GBP/USD at 1.11 or with the pair at 1.50 seen today,
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