Latest Brexit Update And What It Means For GBPUSD | Summary and Q&A

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March 4, 2019
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Latest Brexit Update And What It Means For GBPUSD

TL;DR

The pound sterling is being supported by Brexit optimism, with a potential rally towards the 135 area, but volatility remains high.

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Questions & Answers

Q: What factors are supporting the pound sterling against the dollar?

The pound sterling is being supported by Brexit optimism, as all roads seem to be leading towards a deal or reduced chance of no deal. This has led to a strong run and the market buying dips.

Q: What level is the pound expected to rally towards?

According to the analysis, the pound is expected to rally towards the 135 area, which is a significant historical resistance level and has a lot of options activity associated with it.

Q: What is the suggested entry point for long positions?

The analyst suggests looking for opportunities to enter long positions around the 130 area. This is a psychological level and is expected to attract a bulk of buyers.

Q: How should traders manage their positions in light of Brexit news?

Traders should watch out for volatility and keep their stops tight. The analyst recommends playing the pound on the long side but being open to short-term opportunities and resistance areas.

Summary & Key Takeaways

  • Pound sterling has had a strong run, supported by optimism regarding Brexit deal or reduced chance of no deal.

  • Volatility in the pound to dollar pair is still prevalent, with dips being bought and market ready for compromise.

  • Next week is crucial for the pair, with meaningful votes, a potential vote on no deal, and a vote on extending Brexit deadline.

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