The GBPUSD backs off as vote approaches. Levels to eye and why they are important.

Technical Analysis

Author: Greg Michalowski | gbpusd

Some technical levels to eye through the vote.

The clock is ticking to the 1430 vote of lawmakers.  

Technically, traders have some key technical levels on either extreme that would give a more bullish or bearish bias.  

Some technical levels to eye through the vote.

On the downside, 
  • the low today was near the lows from March 12 and March 21.   That comes in at 1.3002-04 (call it 1.3000).
  • The 200 day MA comes in at 1.2978
  • The 1.29594 is the low for March (it is month end today) 
  • Below those levels, the 100 day MA comes in at 1.2921. That is also near the 50% of the move up from the January 2019 low (the midpoint of the year). KEY target on more weakness.  
The 200 day and then the 100 day MA are key targets to eye on a more bearish run.
On the topside (see hourly chart at the top of the page), the high today stalled at the 50% retracement at 1.31344.  Above that the 100 and 200 hour MA at 1.3163 and then 1.3178 will be levels to get above and stay above.  

In between the low and high today (the market did a good job of defining technical highs and lows), is neutral for the bias.  Moves outside, push the bias more in the direction of the break.  
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