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    BRAND MARKET ANALYSIS AND NEWS GBPUSD Update, Trading Lower on Brexit Fears Market News

    GBPUSD, Daily

    A referendum has been announced for Jun-23, London mayor Boris Johnson yesterday said that he will be backing the ‘out’ campaign. The uncertainty ahead will be bad for business, with large companies now seen as supporting the “in” campaign, we expect GBP to underperform heading into the referendum.

    Technically, the 1.4235 area looks to be an important price point to watch out for, a clean break below could open up the way for further downside pressure towards the 1.4080’s (January Lows). Current price is below the valid downward sloping trend line, as well as , its short (10) and medium term (50) moving averages. 1.4235 looks now to be a valid resistance level, my conclusion is to remain short as long as price can hold below 1.4235 for a 1.4080 target. However, traders should remain on alert to reverse short sales upon any potential price break back above 1.4235 for a potential bounce towards the 1.4530’s.

    Feb 22 GBPUSD SRL

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    John Knobel 

    Senior Currency Strategist

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.


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