GBPUSD is seen going sideways in a 600-pip channel since the UK referendum in June. I placed EURGBP in shades of grey just for reference.
I had hoped the support level around 1.295 would be enough to push price upwards towards 1.35 (maybe not quite reaching it, but somewhere close). However, looking at today's candle, we might see it touchdown at post-Brexit lows of 1.285 instead. Still, I remain positive that we'll see a turnaround sooner than later (like sometime this week or next) and boosted by uncertainties surrounding the US presidential elections in November - all that of course assuming UK's economy doesn't take further hits.
I had hoped the support level around 1.295 would be enough to push price upwards towards 1.35 (maybe not quite reaching it, but somewhere close). However, looking at today's candle, we might see it touchdown at post-Brexit lows of 1.285 instead. Still, I remain positive that we'll see a turnaround sooner than later (like sometime this week or next) and boosted by uncertainties surrounding the US presidential elections in November - all that of course assuming UK's economy doesn't take further hits.
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Running a little bit out of triangle here GBPUSD ...
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Here's the 4-hour outlook. A break upwards is expected. Hold on to your stops...
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It's going long, and EURGBP is coming down. Maybe.
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