Volumetric analysis on December 11
Theresa May prevented the British Parliament’s voting on the Brexit deal. The likelihood that a majority would vote for an agreement was minimal. Therefore, the England Premier gave a reverse course to these conditions and now on December 13 there will be a new EU meeting for a new discussion of the Brexit issue. The market reaction to these events is understandable. Any uncertainty scares investors, and when this uncertainty really threatens, the majority goes out from the asset. Now we understand that next fundamental event is scheduled for December 13, which means we can try to trade the technical picture. The GBPUSD pair dropped, which we expected to some point, and at the time of the fall, confident buyers were stopped out. Moreover, where many market participants were closing their open positions, we see an interesting volume and we can assume that there is open interest. It's about balance 1,2610-1,2680. We count on corrective growth in this area and from there we sell with a target of 1.2545. However, we strongly recommend to follow the flow of information because the price will react to everything.
During yesterday's trading session, a lot of volume was traded at the high of the day. You can say that the upward movement is questionable. However, the price range of 1239-1233 for us is still a support and reference point in the market structure. Until the price is below 1233, we will consider the upward movement as the main one, and downward as the corrective movement. Therefore, the best prices for purchases are the price range 1239-1233, and the goal is 1245. We are waiting for a correction in support and continued growth. Can we see a breakdown resistance of 1250? Yes. In this case, when you roll back, you can also count on continued growth, but this idea is not today.
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