GBPUSD bounces off of R2 resistance
The left chart shows GBPUSD daily price action. As can be seen it is in mark-down phase This is characterised by a bearish EMA formation. I.e. The green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA.
The right chart shows hourly price action. Price found resistance at a key level with a confluence of factors including, price resistance (green rectangle), 76.4% Fibonaccian retracement, and an overbought stochastic (green ellipse).
There is still Brexit turmoil. The Scottish parliament voted by 93 to 30 to reject Theresa May’s Brexit bill.
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