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GBPUSD – another day, another vote

The GBP/USD is facing yet another crucial day as we expecting the Brexit amendment votes to take place in parliament today. Uncertainty is really high, especially as nobody understands well the legal mumbo-jumbo and controversial headlines surrounding the amendments and vote. The votes are scheduled some time in the evening around 1900 GMT but they also could happen earlier or later. 

The recent rally is exhausted and price is stretched on 4 hour chart. All signs that we may see the major correction during a day and right at this moment it is a very convenient short possibility.

GBPUSD 4 hour chart

Sell from current levels and add up to position if price goes some 70-80 pips up – this move will  almost certainly will be reversed.

Below are plenty of support levels: 1.3025 and 1.2970 – and those are levels to take a quick profit and  we expect a short-lived bounce might follow. However, if price eventually descends to 1.2860  – this is a  strong support level to enter long position again. 

Watch headlines and place your bets. Have a nice day !