GBPUSD Technical Analysis: Golden Cross Formed, Volatility Highest Since July 2016
GBP Price Analysis and Talking Points:
- GBPUSD Implied Volatility Surges to Highest Since 2016
- GBPUSD forms Golden Cross
See our quarterly GBP forecast to learn what will drive prices throughout Q1.
Current Brexit Timetable (Subject to change)
09:30GMTUK Cabinet to meet
11:15GMT - UK Brexit Secretary at the Brexit select Committee
Before 11:30GMT – Attorney General Geoffrey Cox Legal Advice
Early Afternoon - PM May opens the Meaningful Vote debate
19:00GMT - Voting starts
GBPUSD Implied Volatility Surges to Highest Since 2016
Ahead of tonight’s Brexit vote, GBP overnight implied volatility has surged to the highest level since July 2016, having jumped a sizeable 14.5 vols to 29.8 vols. Consequently, the implied move on today’s session for GBPUSD is at 163pips.
GBPUSD OVERNIGHT ATM OPTION
GBPUSD Technical Outlook: Golden Cross Formed
Following the sharp reversal in yesterday’s session, GBPUSD has now formed a golden cross (50DMA above 200DMA). As such, bulls are now eying a move towards the YTD peak (1.3350) in which a firm break above could see a move towards the 50% Fib retracement from the 2018 high to 2019 low.
TODAY’S TOP STORY
GBP TRADING RESOURCES:
- See our quarterly GBP forecast to learn what will drive prices throughout Q1.
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
--- Written by Justin McQueen, Market Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.