GBPUSD Stages Late Rally As Brexit Party Said to Abandon 43 Seats

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Written By: Eno Eteng (MSTA)

Nov 15, 2019, 15:31 GMT 15:31

GBPUSD

Summary:

GBPUSD rises as Brexit Party abandons contest for 43 additional seats, in attempt to give Conservative Party a clear path to victory in Dec 12 election.

The GBPUSD is now trading above 1.29 on unconfirmed reports that the Brexit Party in the UK has abandoned 43 seats in order to strengthen the position of the UK Conservative Party. These 43 seats are all in constituencies which were either won by Labour in 2017, or had the Tory Party candidate in second place.

The playbook is for the Brexit party to avoid splitting possible Tory votes, thereby paving a way for them to capture an outright majority that could beat a one-way street to Brexit.

Technical Playbook for GBPUSD
The GBPUSD is currently trading at 1.29139, but is locked in range which is formed by late October highs at 1.29825 (ceiling) and also by the previous June tops/late October lows at 1.27483 (floor).

A break of 1.29825 to the north targets 1.31735 (May 3 and May 4 highs), while a downside breach of the range targets the previous highs of July 12 and September 20 in role reversal at 1.25878.

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.