GBP/USD Weekly Trends Up As PM May Loses Control Of Brexit Process

Russell Shor, CFTe, MFTA FXCM

The below is the weekly chart of the GBPUSD. Cable has charted a higher trough followed by a higher peak. This is the classical definition of an uptrend. The RSI(9) is also above 50 which is indicative of an underlying bullish momentum.

Last night, the UK parliament took control of the Brexit process away from PM Theresa May. This is indicative of MP’s losing trust in May, even those within her own party. The House of Commons spit 329 to 302 to schedule motions for alternative strategies which include a potential second referendum, keeping the UK in the EU custom union, a no-deal Brexit and even a scrapping of Brexit.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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