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GBP/USD may lose more

GBP/USD may lose more

Information is not investment advice

GBP/USD has been steadily declining during the last 4 days. The pound is affected by Brexit uncertainty. In particular, traders are worried that Prime Minister Theresa May may depart during the summer if the parliament rejects her Brexit deal yet again. In this case, the odds that Britain will leave the EU without a deal will be higher.  

The pair reached 61.8% Fibo of the 2019 advance at 1.2785. The next levels to watch on the downside are 1.27 (August/October lows) and 1.2625 (78.6% Fibo). The pattern on D1 resembles a top. MAs both on W1 and D1 are showing bearish signs, and GBP/USD isn’t oversold yet, so it seems like we have a trade idea.   

GBPUSD 1705.png

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Everyone is interested in trading gold (XAU/USD). The meeting of the Federal Reserve at 21:00 MT time (GMT+3) will certainly drive the price.

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Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.

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Gold: short-term trade ideas

Everyone is interested in trading gold (XAU/USD). The meeting of the Federal Reserve at 21:00 MT time (GMT+3) will certainly drive the price.

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