Free Trial

Round Trip GBPUSD spiked through 1.28...>

GBPUSD spiked through 1.28 on reports that PM May has opened a route for MPs to
vote for a second referendum. GBP/USD surged on the news, breaking through the
Friday highs in the process to print up at 1.2813. Gains were short-lived,
however, with markets selling the entirety of the gains within an hour, doing
little for Bulls. A close above 1.2800 is needed to stabilise the outlook,
before challenging the 200-hma & neckline support-turned-resistance at
1.2873/2900. Bears look for a close under 1.27 to put the focus back on the
intraday & Jan 15 lows at 1.2685/70. Further support is located behind at 1.2663
which represents the 76.4% retracement of the Jan-Mar rise.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.