Daily Price Action
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GBPUSD Technicals Hinge on Today’s Brexit Vote

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I figured it was only fitting to discuss GBPUSD again given today’s much anticipated Brexit vote.

Last week I pointed out how a close above falling wedge resistance could trigger a move higher. At the time, that level came in near 1.2800.

Buyers got the job done on Friday and extended gains on Monday.

However, those same buyers struggled after reaching the November 22, 2018 high just below 1.2930.

The 1.2930 area triggered a pullback during yesterday’s session. That weakness has carried into today’s session.

But as I mentioned on Sunday, traders need to keep an eye on the 1.2800 support area.

By now, that level could extend as low as 1.2760.

Just keep in mind that we have a momentous Brexit vote today. The event is sure to trigger substantial volatility for the pound.

With the outcome expected sometime after 3 pm EST and the daily close just two hours later, it makes sense to wait for the day to close here in my opinion.

Remember, I use New York close charts so that each session closes at 5 pm EST. These charts are required for trading price action.

Click here to get instant access to the same charts I use.

In other words, I don’t suggest attempting to trade the event. Doing so is more gambling than trading.

Even if you get it right, you’ll likely get stopped out before you can realize any profit. Volatility goes both ways, and the spread for GBPUSD is sure to widen.

Regardless, it will be interesting to watch how the pair reacts to former wedge resistance as new support.

And as long as GBPUSD is above 1.2760 on a daily closing basis, the bullish potential must be respected.

Alternatively, a daily close back below former wedge resistance near 1.2760 would re-expose 1.2700.

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GBPUSD possible support area

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17 comments
Dee says

Thank you sir

Reply
    Justin Bennett says

    You’re welcome.

    Reply
ghulam says

plz enter new buy euro at 1. 1387 at the moment ,, as u have mentioned in members area , added buy at 1. 1464 . and yesterday it buyers were defending well the area now good chance to enter new buy in euro thanks

Reply
    Justin Bennett says

    That isn’t where I bought, and I’m not quite sure what you’re getting at with this comment.

    Reply
      ghulam says

      dear sir , perhaps i have very little knowledge of technical but learning since 2003 ,into this business , i m not in a position to advice you but i suggest u plz concentrate on scalp trading u wd be in continuous profit as i have learnt from u tube from one yr practicing on it and in profit ,,now since 2 yrs , market changed its ways , as it does not follow same trend whole the time as it was in past it continue changing directions ,, we cant fix it will buy or sell from here to 500 points ,, i learnt a lot from u ,,at the same time if u dont mind plz try to concentrate on scalp trading in a separate account as practice in real account and i m sure u will get 100 percent win in in that ,, u can well read price action but it changes continuously , buy or sell ,, change ur directions with market , that wd be more beneficial , like in college we learn from teacher and teachers also sometime get good point from students ,, i m a medical doctor , once a patient came whom temp never got down continuous fever , our prof ask any suggestion , one of our final yr student suggested he has drug fever stop all medicines for 15 days , prof tried , and he recovered and all of us were surprised and praising ,, i mean plz dont mind i m following u from one yr ,, i well understand behind the talk and what u predict ,,now i m not following u it makes my own mind disturbed but now from one yr i m doing scalping and recovering good lost money in previous yrs ,,,writing in detail this msg plz dont mind neither block me thanks

      Reply
        Steven H says

        I don’t understand you comment..but thanks

        Reply
king says

Is EURUSD still a buy?

Reply
Learie says

You’re doing a great job Justin

Reply
    Justin Bennett says

    Thanks, Learie.

    Reply
Berry says

I took chance and get it right but later as u prophesied the Bulls took over as u said and I was stopped highly out…

Reply
Tsquare says

Forex is a funny Biz. Look at how GU rallied up and down today. Some people would have lost a lot of Money now. To me I still see EU and GU climbing up.

Reply
    Justin Bennett says

    There was nothing unexpected about today’s movement in my opinion. It was a classic case of sell the rumor, buy the news.

    Those who lost money wouldn’t have if they took the time to understand daily price action. Again, it was all quite obvious.

    Reply
OGBORO preciouslife says

Thanks bro

Reply
Sabbir Ahmad says

why did gbp became strong last night?

Reply
    Tsquare says

    People already knew Brexit vote will fail. Sell the rumors and buy the fact.

    Reply
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