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British rollercoaster

Alpari

If you are a trader looking for the volatility, you definitely need to stick to the GBP right now. Traders looking for big movements cannot complain about the recent swings on the GBP as this currency is influenced by the political turbulences around the Brexit negotiations.

We do not have to look far, let’s see the price movements from yesterday. GBP declined sharply at the first half of the day as EU’s Barnier told that the negotiations reached a deadlock, few hours after that we got comments that UK may be offered a 2 year transition stay in EU market. First information was negative and caused a drop and the second one was positive and the drop got erased. What a rollercoaster!

As an example, we will use the GBPJPY, which is one of the most popular pairs with the Pound (mostly due to the volatility). Technically, the bullish reversal is more welcomed here. First of all, that what the trend is. What is more, we are in the trend continuation pattern (flag), which is suggesting us a further upswing. In addition to that, the flag ends on a very important support: a combination of the 38,2% Fibonacci and the recent tops from December, May and July (orange). If the buyers want to start a new upswing that is exactly the place where they should do that. The long tale of the Thursday’s candle is very optimistic and should have a positive influence on the price today. The most probable scenario now is the further upswing.

Tomasz Wisniewski
Chief Analyst – Alpari Research & Analysis Limited

Alpari Research & Analysis LTD ( UK ) is a company part of Alpari Brand, which aims to deliver superior market research, analysis and trading education for free both to Alpari’s clients and the general public.

The Alpari brand
Founded in 1998, Alpari is today one of the largest brands on the financial markets. The companies of the brand provide trading and investment services to over one million clients from tens of different countries.
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The post British rollercoaster appeared first on The Nation Nigeria.

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