Forex

Currency Analysis Report 3-13-19…Brexit Delayed Again Part II

I wrote about the Brexit Delay two months ago,

Currency Analysis Report 1-16-19…Brexit Delayed Again

Today, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union. The withdrawal agreement was rejected by 432 votes to 202. The 230 vote defeat is thought to be the largest in U.K. political history. U.K. government now has just three working days to map out a new plan of action.

The more Brexit lingers, the probability decreases England will leave the EU. Many think leaving the EU will hurt England.

Daily Chart (Entry) – no entry at the moment, but the chart suggests price can move higher to the daily supply at 1.3240.

The British Parliament rejected Prime Minister Theresa May’s Brexit deal again. May lost by a margin of 149.

May said the default scenario is leaving the European Union without a deal on March 29.  May also said that parliament would have a chance Wednesday to rule out leaving the European Union without a deal. If that happens, lawmakers would vote Thursday on whether to request a delay from the bloc.

Analysts at UBS thinks if the country eventually leaves the EU, the pound could drop as low as $1.15.

Since my post in January, price did hit the daily supply at 1.3240.

But where is price headed next? The chart suggests the British Pound can move higher, to the weekly supply at 1.3550.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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