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GBP/USD: Ranging Bearish

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by , 12-11-2018 at 11:27 AM (157 Views)
      
   
GBP/USD has put in a bearish move to start the week, pulling up shy of the 1.2500 psychological level as the pair tumbled down to fresh 18-month lows. At the source of the selling was another negative headline around Brexit as Theresa May called off this weekís Parliamentary vote. This adds an element of chaos to an already uncertain situation, and the net response from traders was a 200+ pip sell-off as additional uncertainty was incorporated into GBP prices.

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With the Brexit backdrop as opaque as itís been since the referendum, itís become increasingly difficult to muster a bullish prognostication for the British Pound. But Ė with all currently known facts GBP bears have been yet unable to break through the 1.2500 level, and this is something that should be taken into consideration by those investigating short-side strategies. Risk management can be difficult given the pairís proximity to recent resistance. I look at an area for potential resistance to go along with the potential for short-side breakout strategies on breaks-through the 1.2500 psychological level.

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