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Market View

Brexitday is here..The Article 50 letter arrives..

Wednesday, March 29, 2017 5:31 AM GMT

Today is Brexit DAY! Theresa May has signed and will deliver the Article 50 triggering letter today. Most traders believe that the market has priced in the event on cable, but seems EU5 pairs have not. On the other hand, “Sell the rumor, buy the fact” is very possible, we have seen it frequently during big events like this.  

The cable pulled back after reaching +1.26 where it took many stop losses placed above a major swing high at 1.257. Moreover, it rejected the 200 SMA (blue). The cable in on major support zone. There is 21 EMA as well the broken trend line (white). A potential retest can lead prices on 200 SMA again.




The H4 timeframe confirms the daily view. We have noted a major support in which many technical indicators are located like Fibonacci levels, 200 SMA (blue) and trendline

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