Home Daily Analysis Charts / Trade Ideas GBP/USD Bearish Setup – Double Top, Engulfing & Theresa May Weights

GBP/USD Bearish Setup – Double Top, Engulfing & Theresa May Weights

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The pound was lightly raised against the dollar, with GBP/USD up 0.1% to 1.2727, having recovered some area due to Prime Minister Theresa May declared a date for her departure, rebounding from the four-and-a-half month low of 1.2605 reached on Thursday.

Whereas the possibility of a no-deal Brexit was fast becoming the central fight of the race between applicant to succeed May, Eight leadership hopefuls having said, Britain must need to leave the EU on Oct. 31 despite if no deal is in place.

Sterling missed ground last week but then reversed after Theresa May declared her resignation, reducing uncertainty regarding her future, and partly because the news had already been forecasted and priced-in to the exchange rate which was shifting into the oversold zone.

R3: 1.287
R2: 1.2784
R1: 1.2748
Key Trading Level: 1.2698
S1: 1.2662
S2: 1.2612
S3: 1.2526

Consider staying bearish under 1.2700 to target 1.2645 and 1.2615 today. By the market, the volatility may remain thin as the UK and US markets enjoy public holidays. All the best!

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