GBPUSD Under Pressure Ahead of PM Johnson Speech
The EURGBP largely ignored allegations from the UK Opposition Labour Party’s leader Jeremy Corbyn on a “very serious” cyberattack against the party’s platform on Monday.
Corbyn, who said that nothing had been downloaded as far as they knew, stated that he felt “very nervous” if “this is a sign of things to come in our election”. Corbyn indicates that the party is now searching for the culprits.
The EURGBP held steady at 0.85849 after these comments crossed the newswires; largely steady after yesterday’s big move in response to pro-Brexit EU parliamentarian Nigel Farage’s announcement.
The EURGBP made a big move to the downside yesterday but was able to retrace to the previous S1 pivot as indicated in my analysis of yesterday. However, the pair resumed its downside move today but has not been able to attain yesterday’s lows.
The pattern on the 1-hour chart is that of a short-term bearish flag. A break to the south carries the measured move to the S1 pivot of 0.8554, or at least to yesterday’s low at 0.8565.
Further consolidation should see the EURGP bounce within the flag to the upper border, located at the price level of 0.86002 (yesterday’s retracement peak and intraday lows of November 6/8). Further extension upwards could open the door to yesterday’s intraday high at 0.8620, which then negates the bearish flag.