27.02.201710:34 Forex Analysis & Reviews: Global macro overview for 27/02/2017

Global macro overview for 27/02/2017:

Interesting news has hit the financial media over the weekend regarding Scotland. The Scottish government is seriously considering new independence referendum next year. Nicola Sturgeon, Scottish First Minister and Theresa May, British Prime Minister, are heading for a showdown over who has the right to call another independence referendum and when it should be held. The first minister looks set to call a vote by the Scottish parliament - following next month's SNP conference and triggering of article 50 - to strengthen her mandate to stage a second referendum. In conclusion, another country is trying to cancel their membership in the Eurozone, so it will be another challenge for the Eurozone to keep it together. Please notice, that the Greek case and membership is still not fully completed and it had been questioned recently again.

Let's see how these rumors influenced the GBP/USD technical picture at 4h time frame. The price had broken below the golden trendline support, tested it from the upside, reversed and now is trying to move lower towards the next support at the level of 1.2381. Any violation of this support will lead to an immediate test of the most important support at the level of 1.2347.