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Daily analytical report (18/04/17)

  • Theresa May seeks snap election in the UK. The plan is to have it on the 8th of June. The comeback from the Easter holidays is eventful. News from London strongly influences pairs with the GBP. GBPJPY – well known from its volatility is up already by 200 pips (from the daily lows).
  • GBPUSD escapes from the symmetric triangle formation. We were anticipating that for some time. The bullish movement gains momentum because it is additionally supported by the stop loss orders from the short side of the market. Sentiment is positive and the first target for this upswing is still 100 pips higher - around the 1.278.
  • EURGBP crashes through a crucial long-term support created by the lower line of the triangle and the up trendline. If the price closes the day below that area, we will have a legitimate long-term sell signal.
  • GBPCAD finally adds something positive to the bullish engulfing created on the weekly chart at the beginning of the year. Most of the local resistances are broken and the closest important resistance is 500 pips higher. This is good news for potential buyers.

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