Brexit circus is going to bring many opportunities over coming sessions. Trick is not to get sucked into the hype and stay calm with daily / weekly support / resistance levels for GBP pairs. Most of the focus will be on GBP/USD and EUR/GBP, while GBP/CHF can bring good opportunities.
We like EUR/GBP longs going into the referendum as mentioned in our previous trade idea where we didn't quite get the deep entry which we were looking for. As GBP started breaking down, we entered yesterday around 0.7620 and first target got hit with 0.7690. Now if we get a pull back then we may add near 0.7640.
For GBP/CHF, first we are looking to trade 1.4200 support to get long. Zone between 1.4000 and 1.4200 is good to get long as fear trade unwinds. On short term basis, we are also looking for quick short from 1.4480 depending upon price action today.
We like EUR/GBP longs going into the referendum as mentioned in our previous trade idea where we didn't quite get the deep entry which we were looking for. As GBP started breaking down, we entered yesterday around 0.7620 and first target got hit with 0.7690. Now if we get a pull back then we may add near 0.7640.
For GBP/CHF, first we are looking to trade 1.4200 support to get long. Zone between 1.4000 and 1.4200 is good to get long as fear trade unwinds. On short term basis, we are also looking for quick short from 1.4480 depending upon price action today.
