FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
59,514,826Confirmed
1,402,028Deaths
41,156,663Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
GBP/USD

The British pound has been all over the place during the trading session again on Thursday as algorithmic bots jumped in the market based upon a few headlines suggesting that perhaps more progress is being made in a deal when it comes to Brexit. This of course has been the bane of existence for most traders of the last couple of years, coming in and out of the overall psyche of the market. Going forward, it is obvious that we are back in the phase of trying to figure out exactly what the market is going to do, in relation to the latest headline. It is obvious that Brexit is front and foremost on the minds of traders based upon the sudden reaction that we got during the day on Thursday, and at this point it looks like we are making a serious attempt to threaten the 1.30 level.

GBP/USD Video 02.20.20

Having said that, it is very difficult to get overly excited about this pair to the upside until we get a daily close above the 1.3050 level. At that point, then we would have a very bullish signal as we would likely go looking towards the 1.34 handle again. To the downside, the 200 day EMA should offer support, but at this point it is anybody’s guess as to where we go next, it is quite literally going to depend on the next headline. Because of this, I am not trading the British pound until we get a daily close above the 1.3050 level, or if we break down significantly. In this area it seems to be a bit of “no man’s land.”

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US