Pound Sterling Price News and Forecast: GBP/USD spikes near HFT buying zone
|GBP/USD Forecast: Is it darkest before dawn? Barnier's Brexit blow may create a buy opportunity
"Hangs in the balance" – that is the state of Brexit talks, according to reports citing Michel Barnier, the EU's Chief Negotiator. The headline has sent GBP/USD tumbling down nearly 100 pips from the highs, erasing all recent gains. He also reiterated the three contentious topics: fisheries, governance, and the level-playing field.
The French statesman poured cold water on Tuesday's optimism that negotiations were "entering a tunnel" – an EU term referring to off-the-radar intense talks aimed at resulting in a full egal agreement. He added that the next 36 hours are crucial. Read more...
GBP/USD spikes near HFT buying zone
We are analyzing high-frequency trading algorithms in the foreign exchange market this Wednesday morning and find that the GBPUSD pair shows interesting price behavior that may create some buying opportunities.
GBPUSD came down sharply earlier in the morning, almost touching the light HFT buying pressure zone that stands at 1.3337 and below in today's session. The price then bounces on volatile trading driven by Brexit headlines. Such volatility has become normal for GBP traders since the 2016 Brexit referendum. Therefore, it's important to remember that technical levels and patterns can be easily broken on such bouts of unexpected volatility. Read more...
GBP/USD bulls are getting ready for the next bounce
The GBP/USD is still bullish. We might see a potential bounce at the weekly confluence zone where the POC is.
The POC zone zomes at 1.3328-40. We can see historical buyers and series of higher highs and higher lows. If it happens watch out for a bounce above 1.3386 as a continuation. The final target is 1.3440. If 1.3340 breaks to the upside then 1.3456 and 1.3490 is next. Only below 1.3294, bears will have a chance to turn the tables. Read more...
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.