Fundamentally:
All eyes on new prime minister Election in the United Kingdom. Boris Johnson is the most likely candidate to succeed Theresa May. NO-deal Brexit will place the British pound under pressure and cause uncertainty.
Technical Analysis:
Weekly TF - shows us the price is testing local support trend line (Dec. 2018 – Jun. 2019) with a strong bullish engulfing candle.
Daily TF – Local bearish trend from May 6th till June 4th has concluded. Price broke the 9-EMA up, Parabolic SAR reversed (June 7th) and moving up with the price. MACD lines have intersected.
Price targets: 38.2% Fibo 1.84 area followed by 50% Fibo 1.85 area
All eyes on new prime minister Election in the United Kingdom. Boris Johnson is the most likely candidate to succeed Theresa May. NO-deal Brexit will place the British pound under pressure and cause uncertainty.
Technical Analysis:
Weekly TF - shows us the price is testing local support trend line (Dec. 2018 – Jun. 2019) with a strong bullish engulfing candle.
Daily TF – Local bearish trend from May 6th till June 4th has concluded. Price broke the 9-EMA up, Parabolic SAR reversed (June 7th) and moving up with the price. MACD lines have intersected.
Price targets: 38.2% Fibo 1.84 area followed by 50% Fibo 1.85 area