GBPUSD blows through resistance

02.26.19 10:51 PM Comment(s) By Alan Posner

GBP/USD blows through resistance

The #GBPUSD moved higher today against most currencies on speculation Brexit would be postponed.  Clearly, Pound Bulls think Brexit is bad for the British economy and are holding out hope for either a second referendum or a graceful exit from the EU.  The only scenario feared is the hard Brexit since it's potentially damaging to the British economy.

Our trade is in the green with this move and exceeded our first target.  The next move on the daily chart should be a retest of 1.32 as shorter-term traders take profits on today's large move.  The 1.34 second target should follow shortly thereafter.
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