You are here: Home > articles > Forex > GBP/USD Holds Above Significant Support Post Scottish Referendum Shock
GBP/USD Holds Above Significant Support Post Scottish Referendum Shock
March 29, 2017 11:22 amVideo
Latest News
- Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Friday August 11 2023. August 11, 2023
- Technical Analysis of Intraday Price Movement of Bitcoin Cryptocurrency, Friday August 11 2023. August 11, 2023
- USDJPY, H4 | React off Resistance level? August 11, 2023
- Forecast for EUR/USD on August 11, 2023 August 11, 2023
- Forecast for GBP/USD on August 11, 2023 August 11, 2023
- Forecast for USD/JPY on August 11, 2023 August 11, 2023
- What events may affect market sentiment on August 11? Overview of fundamental events for beginners August 11, 2023
- EUR/USD. US inflation report: hopes for a September Fed rate hike fading August 11, 2023
- ECB economic bulletin: as always, not good August 11, 2023
- Gold price reaches our $1,912 target. August 10, 2023
- Trading plan for GBP/USD on August 11: analysis and simple tips for beginners August 10, 2023
- Ichimoku cloud indicator analysis on USDJPY for August 10th, 2023. August 10, 2023
- Bearish price action from EUR/USD for August 10, 2023 August 10, 2023
- August 10, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective. August 10, 2023
- August 10, 2023 : EUR/USD Intraday technical analysis and trading plan. August 10, 2023
- August 10, 2023 : GBP/USD Intraday technical analysis and significant key-levels. August 10, 2023
- Euro went all in August 10, 2023
- Ripple confirming its breakout August 10, 2023
- EUR/USD upside reversal signaled August 10, 2023
- Gold sees more declines below 1,914 August 10, 2023
Tuesday evening, March 28, the Scottish parliament has voted by 69 to 59, in favour of holding a second independence referendum. GBP/USD has slumped more than 220 points since Tuesday, from a psychological level at 1.2600, to a 1-week low of 1.2376, breaking the support level at 1.2500. This morning, the bulls have recovered the significant support level at 1.2400, as a correction after a slump, also because the level provides a stronger support. The bearish momentum has been waning; we will likely see a rebound here. The 4-hourly Stochastic Oscillator reading is below 30, suggesting a rebound. However, Theresa May, will trigger Article 50 of the Lisbon treaty today, March 29, starting the 2-year Brexit negotiation process with the EU. It is still uncertain whether Brexit would be hard or soft, and what kind of final deal would be made. Be aware that downward pressure is still on GBP and GBP crosses with any negative news over Brexit process. The resistance level is at 1.2460, followed by 1.2475 and 1.2500. The support line is at 1.2420, followed by 1.2400 and 1.2380.
Source: FX Pro Market Snapshot
Related Posts: