GBPUSD May Break Higher On Spring Budget Statement, Brexit Cost Estimates!

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At the moment, the GBPUSD trades around 1.3890 levels, retreated from daily chart resistance 1.3915. The pair is waiting for Hammond’s spring budget statement and official estimates of Brexit costs under various scenarios today at 11:30 GMT.

In my opinion, the U.K has nothing to lose, on the contrary, the most affected by the Brexit is the European Union. The European Union is only three countries, Britain, Germany, and France. The the rest of the countries are in a state of collapse …

So I expect the statement to be positive, and it may push the GBP higher, let’s take a quick look at the chart of GBPUSD?!!!

On the daily timeframe, the pair is near the falling trend line and a static resistance at 1.3915 levels, but the pair has been consolidating around this level for almost a week, suggesting a possible break to the upside.

On the 1 hour chart, the pair printed support at the 1.3873 levels suggesting rise from 1.3840 is resuming, an hourly closing above 1.3915 will open 1.3960 levels followed by the 1.4007 levels…

On the downside, an hourly closing below the 1.3873 levels may bring a lower leg below the 1.3840 levels and pave the way to the  1.3780 levels…

 

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