Expect a Pull-back Before the Pair Continues to Trade Upwards

GU has traded within the 1.28800 - 1.30000 range over the past month and a half due to Brexit uncertainties. From a technical analysis perspective, the pair has room to run due to the bullish trajectories of the SMAs. However, from a shorter time frame perspective; with the impending North American holiday, we expect the pair to trade sideways or move downward to hunt for stop losses around a more familiar range of 1.29655-1.29800.

Based on the Higher Time Frames, we believe a large run could be possible to the 1.31500 level.

As always this is an opinion, not financial advice. Use appropriate risk management that suits your risk appetite.

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