Currency Analysis Report 1-16-19...Brexit Delayed Again
Two years ago, England voted to leave the EU. Today, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union. The withdrawal agreement was rejected by 432 votes to 202. The 230 vote defeat is thought to be the largest in U.K. political history. U.K. government now has just three working days to map out a new plan of action.
The more Brexit lingers, the probability decreases England will leave the EU. Many think leaving the EU will hurt England. A Bank of England report in late 2018 said leaving the EU would result in unemployment could rise to 7.5 percent, house prices could fall 30 percent, sterling might crash, and the economy could shrink by around 8 percent over the course of a year.
This is why the British Pound rose this afternoon after selling off in the morning. But how high can the Pound move higher, lets go to the charts to find out?
Monthly Chart (Curve Timeframe) - Monthly demand is at 1.2200 and monthly supply is at 1.5400.
Weekly Chart (Trend Timeframe) – the trend is down, but price did bounce off of the weekly demand at 1.2450 in recent weeks.
Daily Chart (Entry) – no entry at the moment, but the chart suggests price can move higher to the daily supply at 1.3240.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Get out ! Just out ! I am so tired of all this drama ...
have a great day anyway ✌️
Posted using Partiko iOS
Lol...I made some popcorn during the intermission.