GBPUSD technicals
The best joke I heard over the weekend was about the changes that were expected to Theres May's plan B. The answer to the changes expected today - well, it was going to be presented by Theresa May...in a different font. Ha, sounds about right! Theresa May has an incredible fortitude to endure defeat, after criticism , after defeat and still look fairly chipper. I think lesser people would have gone weeks ago, in fact I could have seen a string of people going. Still, May stands firm in a wobbly kind of way. A bit like the pound at the moment.
Ok, GBP is going to be in focus today with more Brexit madness no doubt. On the daily chart the GBPUSD has been rejected off the 200 EMA and is now making it's way down through the 100 EMA on the daily chart. It is also falling through the R1 resistance zone. It's hard to see any 'good news' out today and this doesn't seem the right levels to buy for the Article 50 extension levels, at least not until we know what today brings.
So, going to the 1 hourly chart we can see price is testing the 200EMA and the pivot point on the 1 hour chart. a break through these levels and I would favour a move down towards the 1.2700 level handle. Let's wait and see.
