empty
 
 

Forex Analysis & Reviews: Trading strategy for GBP/USD on October 22nd. Boris Johnson does not give up trying to ratify the Brexit agreement
time 22.10.2019 12:04 PM
time Relevance up to, 23.10.2019 11:59 AM

GBP/USD – 4H.

This image is no longer relevant

As seen on the 4-hour chart, the GBP/USD pair continues the growth process in the direction of the correction level of 76.4% (1.3044). The resulting bearish divergence of the MACD indicator allows us to count on a reversal of the pair in favor of the US currency and some fall in the direction of the correction level of 61.8% (1.2836). The closing of the pair's quotes above the Fibo level of 76.4% will allow us to expect continued growth in the direction of the correction level of 100.0% (1.3378).

The policy of Boris Johnson is increasingly causing a flurry of criticism. For example, the Prime Minister did not appear at Monday's meeting, sending a "replacement" for Brexit Minister Stephen Barclay. As a result, a large number of deputies criticized Johnson and accused him of complete disrespect in the Parliament. Johnson's strange behavior. In a situation where he just needs the support of Parliament, he openly shows his disrespect for the deputies, while urging them to approve his agreement. Now, it even seems that Theresa May should have resigned. Given the fact that May herself was opposed to leaving the European Union, she did everything to implement the will of the people and please the majority of deputies. She also urged deputies to support the draft of her Checkers deal but did not succeed. Now, we have Boris Johnson in the role of Prime Minister, who provokes a strong hostility among half of the Parliament, which, according to Johnson himself, should accept his version of the agreement, which does not differ much from the deal of Theresa May. Moreover, Johnson allows himself not to attend meetings, which makes the deputies even angrier.

According to the latest information, over the next three days, deputies will again consider a multi-page document of the agreement with the European Union, and a vote will be held on Thursday evening, which, for example, was canceled on Monday, since Speaker of the House of Commons John Bercow said that it was no different from voting on Saturday. What will change before Thursday is not clear? However, in any case, nothing can prevent the deputies and the speaker from blocking the draft agreement once again on Thursday. In general, the question is in the air, and how many more votes is Johnson going to hold and what does he expect? At the moment, everything is going to the fact that Brexit will again be postponed, and the Prime Minister will continue to anger Parliament.

Economic reports on Monday, Tuesday and Wednesday in the UK will not be published, so traders will continue to remain immersed in the topic of Brexit.

What to expect from the pound/dollar currency pair today?

The pound/dollar pair almost reached the correction level of 76.4%. Thus, I expect further growth of quotations in the case of consolidation above this level in the direction of the next Fibo level of 100.0% (1.3378).

The Fibo grid is based on the extremes of March 13, 2019, and September 3, 2019.

Forecast for GBP/USD and trading recommendations:

I recommend buying the pair with a target of 1.3378 if the close above the Fibo level of 76.4% is executed with the stop-loss order below the level of 1.3044.

I recommend considering selling the pair with the target of 1.2668 if the consolidation under the Fibo level of 61.8% is performed.

Samir Klishi,
Chuyên gia phân tích của InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Giao dịch khôn ngoan, thành công
    Nạp tiền vào tài khoản của bạn với ít nhất $ 500, đăng ký cuộc thi và có cơ hội giành được các thiết bị di động.
    THAM GIA CUỘC THI
  • Ferrari từ InstaForex
    Nạp tiền vào tài khoản của bạn với ít nhất 1.000
    tham gia cuộc thi và giành chiến thắng Ferrari
    F8 Tributo
    THAM GIA CUỘC THI
  • Tiền gửi lần truy cập
    Gửi vào tài khoản của bạn 3.000 đô la và giành được 1.000 đô la
    THAM GIA CUỘC THI
  • 100% tiền thưởng
    Cơ hội duy nhất của bạn để nhận 100% tiền thưởng khi gửi tiền
    NHẬN THƯỞNG
  • 55% Tiền thưởng
    Đăng ký tiền thưởng 55% cho mỗi lần gửi tiền của bạn
    NHẬN THƯỞNG
  • 30% tiền thưởng
    Nhận 30% tiền thưởng mỗi khi bạn nạp tiền vào tài khoản của mình
    NHẬN THƯỞNG

Recommended Stories

Short-term technical analysis on GBPUSD for December 2nd, 2022.

GBPUSD is inside a short-term bullish channel making higher highs and higher lows. In our previous analysis we noted that our next focus would be the 1.23 target. At 1.23

Alexandros Yfantis 14:45 2022-12-02 UTC+2

Short-term technical analysis on EURUSD for December 2nd, 2022.

EURUSD is trading above 1.05. Short-term trend remains bullish as price is approaching the first important Fibonacci resistance level at the 38% retracement at 1.0590. The RSI however provides

Alexandros Yfantis 14:41 2022-12-02 UTC+2

Short-term technical analysis on Gold for December 2nd, 2022.

Gold price is trading around $1,800. Short-term momentum remains bullish specially after the break above $1,763 where we got our last bullish signal. Price continues making higher highs and higher

Alexandros Yfantis 14:36 2022-12-02 UTC+2

AUDUSD Potential for Bullish Continuation | 2nd December 2022

Looking at the H4 chart, my overall bias for ADUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to continue

Dean Leo 12:44 2022-12-02 UTC+2

ETHUSD Potential For Bearish Drop | 2nd December 2022

ETHUSD is bearish. However, the price is now above the Ichimoku cloud which might indicate a short-term shift to a bullish market. Expecting price to possibly break the 1st resistance

Dean Leo 12:42 2022-12-02 UTC+2

Forex forecast 12/02/2022 USD/JPY, USD/CHF, USDX and EUR/USD from Sebastian Seliga

Let's take a look at the technical analysis of USD/JPY, USD/CHF, USDX and EUR/USD ahead of NFP Payrolls data release

Sebastian Seliga 11:01 2022-12-02 UTC+2

EUR/USD and GBP/USD technical analysis on December 2, 2022

Yesterday, bulls were leading in the market. They continued to push the price higher so that the pair retested the highs from the previous week. The nearest target for bulls

Evangelos Poulakis 10:49 2022-12-02 UTC+2

Video market update for December 02, 2022

Watch for buying opportunities on the intraday dips

Petar Jacimovic 10:48 2022-12-02 UTC+2

Technical Analysis of GBP/USD for December 2, 2022

Technical Market Outlook: The GBP/USD pair has hit the target level located at 1.2293 as expected and is currently consolidating the recent gains. The level of 1.2293 is the 50%

Sebastian Seliga 09:28 2022-12-02 UTC+2

Technical Analysis of EUR/USD for December 2, 2022

Technical Market Outlook: The EUR/USD pair has been seen moving upward towards the next target for bulls seen at 161% Fibonacci extension at 1.0623. The new swing high was made

Sebastian Seliga 09:27 2022-12-02 UTC+2
Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.