GBP/USD Charts Potential Bearish Reference Candle On Weekly
The below is the weekly chart of the GBPUSD. Cable has been consolidating for 2019 (blue rectangles). The RSI(9) has tended to oscillate around the 50 level as price moved sideways. However, a bearish bias seems to have recently manifested – last week’s candle looks to be a bearish reference candle (blue arrow). I.e. a candle with a lower high to either side of it. If this week’s candle closes below last week’s low (green horizontal) it will give weight to the bearish reference candle scenario. We note that the RSI(9) is attempting to pull away and south of 50 which would be a bearish development.
PM Theresa May is facing pressure to resign from within her own party. She is trying for a fourth time to get her Brexit plan passed and members of parliament seem to be losing patience. The 1922 Committee will likely urge her to step down before 15 June. May has promised to step down once parliament passes her Brexit deal even though it has already been rejected on three separate occasions. Moreover six weeks of talks with Labour also failed to get an agreement.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.