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Brexit Yo-Yo

  • RES 4: 1.3045 Former trendline support drawn off the Mar 20 low
  • RES 3: 1.3007 High Sep 16 and key near-term resistance
  • RES 2: 1.2984 38.2% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.2978 High Oct 1
  • PRICE: 1.2891 @ 16:25 BST Oct 1
  • SUP 1: 1.2806 Low Sep 30
  • SUP 2: 1.2745 Low Sep 28
  • SUP 3: 1.2676 Low Sep 23 and the bear trigger
  • SUP 4: 1.2670 High Jul 9

GBPUSD had a particularly volatile session Thursday, with duelling Brexit headlines prompting a range of well over 150 pips in the pair. Technical signals are bearish and recent gains have likely been a correction. The pullback Thursday exposes 1.2806, Sep 30 low. A break would open the major support at 1.2676, Sep 23 low and the bear trigger. Note too that despite coming under pressure this week, resistance around the 20-and 50-day EMAs has remained intact, reinforcing bearish signals.

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