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GBP / USD corrected by more than 350 points in the market, however, it was not enough to counteract the overbought status of the pound.
To be frank, it is really not in the right position to be worth as much as it is now, especially since the UK is under serious problems, among which is the current uncertainty over Brexit. Sooner or later, these factors will inevitably affect the UK economy, and will drag the GBP / USD pair down in the market.
Thus, if we look at the M15 timeframe, we will see that a bunch of short positions arose in the market at 09: 15-11: 15, during which there was a slowdown in quotes by about 30 to 40 points.
It gave volatility of about 132 points, up by 12% as compared to the average level. The activity is associated with the latest news in the UK, which provoked speculation and bypassed the amount of market activity in EUR / USD.
In addition, as discussed in the previous review , traders resumed working for a decline, pushing the quote around 1.3200.
So, in the daily chart, it is clearly seen that the pair underwent a correction, and this is the most significant change in the pound since June.
Going back to Brexit, negotiations are still underway, however, it seems that a compromise is far from reach.
"We are entering the final phase of our negotiations with the EU. They gave a very clear idea of the timeline, but so do I. An agreement with our European friends should be ready by October 15, so as to be able to implement it by the end of the year. " UK Prime Minister Boris Johnson said.
In fact, Johnson even threatened that the UK would withdraw if no compromise was still reached. It led to a sharp decline in GBP / USD in the market.
However, a leaked information about the UK government's plans to weaken part of the Brexit deal is causing discontent in Brussels and alarm from EU officials. The EU said there could be no trade deal if Johnson breaks his promises on a previously concluded divorce agreement.
EU chief negotiator Michel Barnier said he would seek clarification from his colleague David Frost to better understand the government's intentions, following news that Britain is considering abandoning some of the provisions of the Brexit agreement, in particular further customs in Ireland.
Further development
As we can see on the trading chart, GBP / USD declined in the market, reaching a price level of 1.3100. If it consolidates even further, for example, below 1.3100, the pair will head to 1.3000, but if it moves above 1.3100, a pullback will occur, which will push the quote towards 1.3175.
Indicator analysis
Looking at the different time frames (TF), we can see that all time periods are emitting a sell signal, largely due to the current correction in GBP / USD.
Weekly volatility / Volatility measurement: Month; Quarter; Year
Volatility is measured relative to the average daily fluctuations, which are calculated every Month / Quarter / Year.
(The dynamics for today is calculated, all while taking into account the time this article is published)
Volatility is at 68 points today, which is 41% below the average value. However, it may still increase if the quote breaks out of 1.3100.
Key levels
Resistance zones: 1.3200; 1.3300 **; 1.3600; 1.3850; 1.4000 ***; 1.4350 **.
Support Zones: 1.3000 ***; 1.2885 *; 1.2770 **; 1.2620; 1.2500; 1.2350 **; 1.2250; 1.2150 **; 1.2000 *** (1.1957); 1.1850; 1.1660; 1.1450 (1.1411).
* Periodic level
** Range level
*** Psychological level
Also check trading recommendations for the EUR / USD pair here , or brief trading recommendations for the EUR / USD and GBP / USD pairs here .
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