GBP/USD - Brexit scenario - Bearish Bat pattern
GBP/USD clocked a high of 1.4842 levels today on falling Brexit bets. Cable has priced-in 'Bremain' to a major extent hence upside in case of Bremain could be limited. But this also means Cable could fall sharply on Brexit shock.
This means pair could fall to point C = 88.6% = 1.3950.
We could head higher from there as a lot of cash is waiting to enter the UK markets once Brexit is out of the way. Furthermore., a significant majority also believes Brexit would do good to the UK economy. Hence, prices could head higher to point D = 1.5692 levels.
This means pair could fall to point C = 88.6% = 1.3950.
We could head higher from there as a lot of cash is waiting to enter the UK markets once Brexit is out of the way. Furthermore., a significant majority also believes Brexit would do good to the UK economy. Hence, prices could head higher to point D = 1.5692 levels.