By Admiral Markets
Renewed fears of Brexit is putting the pair under strong pressure. Latest ORB polls suggested “Leave” camp leading by 10% (55% vs 45%) but still there are a lot undecided who might balance-out. Brexit is the main focus now and if we look at the technical picture we see that there is still room for the more downside.
Technically, the pair has broken below multiple trend lines and it has touched 1.4115 L3 weekly support. Bearish order block and historical sellers suggest that 1.4200-1.4230 zone could be good for next round of sellers towards 1.4115 retest again. If the price breaks and 4h candle closes below 1.4100 the way towards 1.3980 will be open.
However if any additional pro “Stay” news is released, watch for spikes towards trend lines. Volatility is huge and pay special attention to your risk management too.
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Article by Admiral Markets
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Source: GBP/USD watch for 1.4200-1.4225 zone
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