GBPUSD Potential Bearish Breakout

The British Pound face huge uncertainty ahead as the house ordered PM to publish the legal Brexit agreement in full. In audition, MPs passed an amendment that gives them more of a say on the final Brexit bill if PM May’s agreement is voted down in Parliament next week. Which means quite likely. In other words, the British pound could fall further in the coming weeks.

GBPUSD Potential Bearish Breakout by EmpowerTrader

Trade Step-ups:

Bullish Reversal: Price rejects a break from current channel trend. Price swings to the topside of the channel. The most likely scenario if the deal is approved next week.

Bearish Breakout: Price breaks final support level of the trend. Look for consolidation bellow 1.2700.

Market Positioning:

Exhibit 1: IG Client GBPUSD Positioning

Exhibit 2: Oanda GBPUSD Positioning 



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