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GBPUSD Technical Analysis: Golden Cross Formed, Volatility Highest Since July 2016

GBPUSD Technical Analysis: Golden Cross Formed, Volatility Highest Since July 2016

Justin McQueen, Strategist

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 Analysis: Golden Cross Formed, Volatility Highest Since July 2016

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.

GBPUSD Technical Analysis: Golden Cross Formed, Volatility Highest Since July 2016

TODAY’S TOP STORY

Brexit Latest: Sterling Soars but Brexit Bill Changes Under Scrutiny

GBP TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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